For Immediate Release
October 2, 2012
ASIA Partners with National CAPACD for Home for Good Campaign
As the housing and economic crisis continues to impact neighborhoods throughout the country, Asian Americans, Native Hawaiians, and Pacific Islanders (AA & NHPIs) remain among those most negatively affected by the economic downturn, with historic losses in assets and savings. AA & NHPIs are concentrated in some of the areas hardest-hit by the housing crisis. They face the steepest declines in home prices and experience a disproportionate number of foreclosures. Homeownership rates for Asian Americans (59%) and Native Hawaiians and Pacific Islanders (48%) continue to lag behind the total population (66%).
Furthermore, while 2007-2009 property value loss for the total population was -$9,100, for Asian Americans it was -$42,900 and -$47,000 for Native Hawaiians and Pacific Islanders. Due to foreclosures and lost property values, Asian Americans lost 54% of their wealth between 2005 and 2009.
These stark figures underline the gaps that exist in culturally and linguistically relevant resources available to AA & NHPI communities. AA & NHPIs are the most linguistically-isolated people in the United States: while only 4.7% of the total population is linguistically-isolated, AA & NHPIs represent 27.6% of this group. Without linguistically and culturally competent housing counseling agencies, AA & NHPIs are more vulnerable to predatory lending and loan scams, are more likely than their white counterparts to experience foreclosure, and have experienced the steepest decline of homeownership rates in the nation.
With these challenges in mind, ASIA is joining National CAPACD in supporting the Home for Good (H4G) Campaign. Home for Good is a national campaign created by National CAPACD, National Council of La Raza, and other civil rights organizations to advance housing policy reforms that revitalize neighborhoods, promote financial stability for low-income communities, expand access to affordable housing, and preserve what for many families is their largest singular asset—their home.
Members of the community can join the Home for Good campaign by signing a petition online (click here) addressed to the 2012 presidential candidates, asking them to commit to:
- Stopping needless foreclosures
- Expanding affordable rental housing
- Reviving a sustainable path to homeownership
Before Election Day (November 6, 2012), National CAPACD and its partners will deliver all signatures to both presidential candidates. Help us demonstrate that AA & NHPIs throughout the United States expect housing reforms which create a system that is more equitable, accessible and sustainable to all Americans. To learn more about the Home for Good campaign and how to get involved, visit www.myhomeforgood.com.
Asian Services In Action
Founded in 1995, Asian Services In Action’s mission is to is to empower and advocate for Asian Americans/Pacific Islanders (AAPIs); and to provide AAPIs access to quality, culturally, and linguistically appropriate information and services. ASIA serves over 10,000 people annually. Follow ASIA on Facebook and Twitter!
The National Coalition for Asian Pacific American Community Development (National CAPACD) is the first national advocacy organization dedicated to addressing the housing, community and economic development needs of diverse and growing Asian American and Pacific Islander (AAPI) communities.
 U.S. Census Bureau, 2007-2009 American Community Survey, 3-Year Estimates
 U.S. Census Bureau, 2007-2009 American Community Survey, 3-Year Estimates.
 Pew Research Center, “Wealth Gaps Rise to Record Highs Between Whites, Blacks and Hispanics”, July 2011.
 Department of Housing and Urban Development, “Discrimination in Metropolitan Housing Markets: Phase 2 – Asians and Pacific Islanders,” 2003.