Three-Part Program Helps First-Time AAPI Home Buyers Become Mortgage Ready

The Asian Real Estate Association of America (AREAA), the largest Asian American membership organization striving to promote sustainable homeownership opportunities in Asian American, Native Hawaiian, and Pacific Islander communities, today announced a new strategic alliance with Wells Fargo & Company. Through the new collaboration, Wells Fargo will sponsor AREAA’s Housing Affordability initiative led by AREAA’s President Kurt Nishimura, with a focus on advancing sustainable homeownership, especially with first-time homebuyers and low to moderate-income Asian American Native Hawaiian and Pacific Islander (AANHPI) communities.

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According to recent data, the Asian American homeownership rates in the middle- and lower-income levels are far below equal-earning non-Hispanic Whites and comparable to those of the Black and Hispanic communities.

The Wells Fargo-AREAA alliance includes a Housing Affordability Symposium and regional events across the U.S. for home buyers in the top designated market areas with a high concentration of Asian American residents.

“Owning a home is a primary driver of economic security and the cornerstone of the American Dream, yet access to affordable housing is a significant challenge in communities across the country,” said Kurt Nishimura, President of AREAA. “We appreciate Wells Fargo’s timely investment to help people achieve and sustain homeownership.”

“This year, AREAA’s priority is housing affordability. We are proud to be working with AREAA to advance racial equity in home buying and provide Asian Americans with the resources they need to become mortgage ready and achieve the American dream,” said Valeria Esparza-Chavez, Head of Home Lending, Asian Segment at Wells Fargo. “We are committed to being a part of the solution and breaking down the systemic barriers that make homeownership more difficult to attain.”

About Wells Fargo:

Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets, proudly serves one in three U.S. households and more than 10% of small businesses in the U.S., and is a leading middle market banking provider in the U.S. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 47 on Fortune’s 2023 rankings of America’s largest corporations. In our communities, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health, and a low-carbon economy. News, insights, and perspectives from Wells Fargo are also available at Wells Fargo Stories. Additional information may be found at www.wellsfargo.com | Twitter: @WellsFargo.

About AREAA:

Founded in 2003, the Asian Real Estate Association of America (AREAA) is a national nonprofit trade organization with more than 18,000 members dedicated to improving the lives of the Asian American, Native Hawaiian, and Pacific Islander (AANHPI) community through homeownership. Visit areaa.org for more information.

Tiffany Woo IW Group for Wells Fargo Tiffany.Woo@IWGroupInc.com

Alfredo Padilla Alfredo.padilla@wellsfargo.com

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