Bad Boy Records

Saturday, December 24, 2005

Minorities and Home Ownership

Continuing on our theme of financial education and economic empowerment, its extremely important to understand the fundamentals of wealth creation. Our founding fathers, in addition to granting every citizen the right to life, liberty and the pursuit of happiness, also envisioned the owners of capital and wealth to be those who owned land. You can see the influence land ownership has played in American history. Large family estates became townships and later into commerical centers that we consider cities. We've come to view home ownership as an important stepping stone to acheiving the American Dream, however I view homeownership as the first step to financial independence and wealth creation.

The American Dream Downpayment Initiative (ADDI) was signed into law on December 16, 2003. The American Dream Downpayment Assistance Act authorizes up to $200 million annually for fiscal years 2004 - 2007. ADDI will provide funds to all fifty states and to local participating jurisdictions that have a population of at least 150,000 or will receive an allocation of at least $50,000 under the ADDI formula. ADDI will be administered as a part of the HOME Investment Partnerships Program, a formula grant program.

To be eligible for ADDI assistance, individuals must be first-time homebuyers interested in purchasing single family housing. A first-time homebuyer is defined as an individual and his or her spouse who have not owned a home during the three-year period prior to the purchase of a home with ADDI assistance. ADDI funds may be used to purchase one- to four- family housing, condominium unit, cooperative unit, or manufactured housing. Additionally, individuals who qualify for ADDI assistance must have incomes not exceeding 80% of area median income.

In the United States, buying a home is the key to achieving the American Dream. Forty-two percent of the net worth of all households consists of equity in their homes - that means for most Americans, their homes are their single largest asset. Homeownership provides families with the means to invest in education, business opportunities, retirement and resources for the next generation.When the federal government stepped in to make it possible for most Americans to finance the purchase of their own home, they essentially paved the way for millions of average white Americans to begin their own wealth-building. But the policies they endorsed made it very difficult for minorities to attain the same resources and opportunities, resulting in deeply segregated communities and an enormous wealth gap between whites and nonwhites that persists to this day. In 1995, the median white family had over 8 times the net worth of the median Black family. The gap is even greater for Latinos - the median white household has over 12 times the wealth of the median Latino family.Race, wealth and life opportunities are intertwined in the United States. Today, white and nonwhite communities are still "separate and unequal" and the gap continues to grow, long after the Civil Rights era. Wealth, and the opportunities it affords, is passed down through successive generations. Along with it, Americans have also inherited a legacy of inequality that continues to shape the future. Segregation and the wealth gap between whites and nonwhites did not arise on their own. And because they are so deeply entrenched in the institutions that structure our society, they will not fade away by simply outlawing discriminatory policies.

Diversity Inc.

Who We AreDiversityInc Media, LLC publishes DiversityInc, the magazine and includes the leading diversity career center for professionals and a benchmarking practice.

Content is the core of our business. DiversityInc's editorial mission is to provide education and clarity on the business benefits of diversity. Our original content is written by our team of nine full-time, experienced journalists, located in our home office in New Brunswick, N.J. and our bureaus in Washington, D.C. and Los Angeles. It is exclusive to DiversityInc and is not syndicated. launched in 1998. We publish original content to our Web site every business day. As of June 2005, we have more than 350,000 registered users and send a free e-mail newsletter to more than 170,000 people, six days per week to registrants who have opted into our service. We serve over 1.3 million individual sessions per month. Most of our news content plus our Career Center and the Diversity Resource Guide are available for free.

DiversityInc magazine
Launched in November 2002, DiversityInc magazine is published nine times a year and has a circulation rate base of 150,000 and is ABC audited. We will add a tenth issue for 2006.
Subscribers to DiversityInc receive the magazine and have full access to the Web site. We also publish a digital edition of the magazine.

Philanthropy and AlliancesDiversityInc contributes generously and has alliances with several diversity-related charities and non-profit organizations, including INROADS, NAMIC (National Association of Minorities in Cable), WBENC (Women's Business Enterprise National Council), New Jersey City University (an HSI), HACE, LISTA, The Jackie Robinson Foundation, Rainbow/PUSH, The Thurgood Marshall Scholarship Fund, Asian Women in Business, HBCU Connect, Bennett College for Women and The National Association of Asian American Professionals. Over the past 12 months, DiversityInc has donated more than $1,000,000 in funds, advertising and services. In addition, over the past four years, DiversityInc has sponsored 15 semesters of college tuition for deserving interns.

Career CenterDiversityInc's Career Center is the most active career center for diverse professionals. Traffic to the career center is dependent on our on-line publication as well as our external on-line advertising. Both active and passive job seekers are frequent visitors to the Career Center. More than 90% of the resumes in our database list an undergraduate degree, more than 40% have a post-graduate degree. Our Career Center is also the exclusive diversity solution for The New York Times, Minneapolis Star Tribune, Tampa Tribune and The Richmond Times Dispatch. These leading employment advertising vehicles up sell their customers to DiversityInc's Career Center to provide them the best possible diversity results.

DiversityInc Media, LLC is privately owned. It was founded by Foulis Peacock and Luke Visconti. We are a "bootstrapped" company, with no outside investors, no corporate debt and four years of audited books. Peacock and Visconti have been business partners for 12 years; DiversityInc is their sole business.