CHICAGO, April 17, 2015 /PRNewswire-USNewswire/ -- The Asian Real Estate Association of America (AREAA) Education Foundation is awarding its first veteran housing assistance grant of $10,000 to a deserving Iraqi wounded warrior during a Fundraising Gala on April 20th at the Trump International Hotel and Tower.
The "Welcome Home Heroes Housing Assistance Program" is a collaboration between AREAA and the Veterans Association of Real Estate Professionals (VAREP) to provide critical housing support to Veterans in need. The grants are to be used to help with down payment assistance and costs association to retrofit homes for ambulatory needs.
"We believe that these brave men and women have earned the right to live in a home that fits their needs, and if they cannot afford that on their own, we are here to help," said Allen Okamoto, Chairman, AREAA Education Foundation. "I am grateful that we are in a position to ease the burdens on these Veterans, even if it's just a little bit."
With more than 21.8 million Veterans today and many who do not earn enough to qualify for a home loan, this program will provide the financial assistance that they need. Nearly four million Veterans pay more than 30% of their income for housing. Veterans who do own a home face heavy cost burdens in spite of the availability of VA loans and other assistance, and this includes many Veterans with a disability. 26% of post-9/11 Veterans have a service-connected disability and 14% of all Veterans have a service-connected disability.
The first $10,000 grant will be awarded during a fundraising gala at 7:00PM CST on April 20th, 2015, at the AREAA Global and Luxury Real Estate Summit at the Trump International Hotel and Tower.
Veterans of Foreign Wars spokesperson Lou Diamond Phillips will be the master of ceremonies that evening to help present the award to a deserving Veteran.
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 14,000 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. In 2010, Allen Okamoto and Allen Chiang, founding members of AREAA, launched the AREAA Education Foundation, as a result of the perception of a leadership shortage among real estate professionals serving the Asian-American community. Please visit www.areaafoundation.org for more information.