WASHINGTON, May 4, 2016 /PRNewswire-USNewswire/ -- The Asian Real Estate Association of America today announced an historic win of its "No Other" campaign to include data on Asian American and Pacific Islanders (AAPI) in the US Census Bureau's comprehensive quarterly reports on homeownership. The new reports with a distinct racial category for AAPIs will commence in July 2016.
Previously, AAPI data was aggregated under the category of "other" ethnic groups in these reports, AREAA explained. With support from AAPI legislators and community leaders, AREAA initiated a "No Other" campaign, asking the Census Bureau to disaggregate AAPI data in the quarterly report.
U.S. Rep. Mike Honda (D-Silicon Valley, Calif) was a critical part of the change. As the lead Democrat of the House subcommittee that funds the Census, among other important Commerce projects, Honda called on the Census to meet with AREAA, to listen carefully to their concerns and to address this inconsistency.
"We thank Congressman Honda for his leadership in this matter," said Vicky Silvano, AREAA National Chair. "With his help, AREAA made the case to the Census Bureau that the Asian American and Pacific Islander community is an economic powerhouse with the fastest-growing population in the U.S. The Bureau listened and took action. Our community faces many unique challenges to homeownership. These quarterly reports will provide government agencies and businesses the comprehensive information needed to create and implement policies to help many AAPI achieve the American dream of owning a home."
At a news conference today at the National Press Club, AREAA representatives explained that AAPI community members took out 2 million home loans over the past five years, representing nearly $600 billion in mortgage originations
Until now, AAPI homeownership data was only reported annually, AREAA explained. "But it is the Census Bureau's quarterly homeownership statistics that are widely reported in the media and in academic/policy documents, therefore, these quarterly reports influence the broad policy and media dialogue around housing and homeownership related to the diverse communities," Silvano said.
By including disaggregated AAPI data in the quarterly reports, members of the AAPI community may also benefit in other ways, explained Honda, "I was happy to lead the effort, alongside the Association, to make this change a reality. Research shows that when all else is equal, members of our community are more likely to be denied a loan than any other racial group. 20% of Asian Americans and Pacific Islanders report being discriminated against during a housing search. The new data shared by the Census Bureau will help inform my colleagues and other policymakers, so we can better direct funding to ensure the AAPI community can buy their own homes and live the American Dream."
The Asian Real Estate Association of America (AREAA), established in 2003, is a national business trade organization focused on expanding housing opportunities for Asian American communities and creating business opportunities for real estate business leaders who serve this growing market. With 15,000 members across the globe and growing every day, AREAA is the largest real estate trade association focused exclusively on facilitating cross-border transactions between Asia and the United States.
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SOURCE Asian Real Estate Association of America (AREAA)