PMI Foundation Helps African-Americans Become Homeowners With Grant to Denver HomeOwnership...

WALNUT CREEK, Calif. -- A Denver, Colorado initiative aimed at encouraging African-Americans to become homeowners will be able to serve more families thanks to a $25,000 grant from the PMI Foundation.

The Denver HomeOwnership Transformation (HOT) Initiative prepares African-American families

and others for homeownership through free educational classes covering financial literacy, fair housing and equal access laws, and homeowner rights, as well as pre- and post-purchase counseling. Although the numbers have improved in recent years, fewer than half of all African-Americans in the United States own their homes. In Denver, just 45 percent of African-American families own homes, compared to a citywide average of 66 percent.

"In America, homeownership is the key to building equity and wealth," said Rev. David McConico, Denver HOT Initiative Program Administrator and Financial Secretary of the Greater Metropolitan Denver Ministerial Alliance (GMDMA). "This initiative opens up the knowledge of wealth through financial literacy and the building of wealth through homeownership. We're grateful for PMI's support." Steve Smith, President and CEO of PMI Mortgage Insurance Co., said, "The American dream of homeownership should be available to everyone with the desire and ability to own a home. We're thrilled to be working with the HOT Initiative to help make that dream come true for Denver families."

The HOT program aids families in overcoming barriers to homeownership, such as a blemished credit reports, limited down payment funds, and lack of homeownership education. Consumers also learn to identify the red flags of predatory lending and housing discrimination.

In addition to PMI, sponsors of the initiative include the Greater Metropolitan Denver Ministerial Alliance (GMDMA), Freddie Mac, and Wells Fargo Bank, as well as faith-based organizations, government agencies and other companies. GMDMA has established Financial Health Ministries at all 40 of its member churches, where trained church volunteers provide housing counseling services.

The PMI Foundation

The PMI Foundation is a private nonprofit organization established by The PMI Group, Inc. (NYSE:PMI). Its goal is to foster home ownership and provide access to affordable housing for underserved areas. The PMI Foundation does this by supporting national and local organizations that create housing opportunities and help revitalize neighborhoods in communities throughout the United States and around the world. The PMI Foundation is located in Walnut Creek, CA. For more information: www.pmigroup.com.