LULAC, GMAC Create $400 Million Housing Initiative
SAN ANTONIO (By Torence White) July 9, 2004 - The League of United Latin American Citizens (LULAC) and GMAC Mortgage unveiled a new housing initiative on Friday that seeks to provide more than $400 million in loans to Hispanic communities over the next four years.
GMAC Mortgage introduced "Dueno de su Sueno" -- or own your dream -- at the 2004 LULAC Convention taking place in San Antonio.
GMAC Mortgage is forming relationships with LULAC's 66 councils as part of the LULAC/GMAC American Dream Homeownership Initiative.
Dueno de su Sueno is designed to educate potential first-time Hispanic home buyers on different financing options through bilingual workshops and materials and by working with loan officers.
During the initial phase of the program, workshops will be offered in San Antonio, Tucson, Ariz.; Boston; Houston, Albuquerque and Miami.
"We're committed to helping Latinos achieve their goals, and owning a home is one of the major ones," says LULAC President Hector Flores. "This initiative provides great support in this mission. Workshops that provide first-hand training have always played an important role in how we educate our communities, and these financial literacy and housing financing sessions fill a strong need. And the great thing about this program is that it backs up the training with committed funds."
GMAC Mortgage is a division of General Motors Corp.
"General Motors and GMAC Mortgage are proud to be an ongoing partner with LULAC as well as have the opportunity to work with the 'Dueno de su Sueno' initiative to help more Hispanics become home owners," says Ennio A. Garcia-Miera, vice president of new markets group at GMAC Mortgage.
