MORRISVILLE, N.C.–(BUSINESS WIRE)–AAFMAA Mortgage Services LLC (AMS) is pleased to announce its urban development partnership with the National Association of Independent Builders and Real-Estate Services (NAIBRS).
Homeownership has consistently proven to create family wealth over time. For example, the average net worth of a homeowner is $200,000 as compared to renters at $5,000 (source: NAR). As recent home prices have continued to march upwards due to higher demand and limited supply, many Americans cannot afford to purchase a home. Lack of affordable housing supply affects almost every U.S. community. The challenge of affordable housing supply has been well covered in research, media and the industry.
The Military Urban Development Initiative (MUD) is designed to build new affordably priced housing for diverse communities comprised of servicemembers and veterans, and non-military low-to-median income homebuyers. The housing projects will utilize innovative virtual land staging (Lot2HomeTM), a network of qualified builders, trained Realtors® and participating mortgage lenders. With over one million available lots for sale in the U.S. as well as undeveloped land, there is a tremendous opportunity to grow much needed housing stock.
Formed in 2016, NAIBRS was established as a not-for-profit trade group bringing together critical participants for new residential construction. Its members of real estate agents, builders, mortgage lenders and suppliers are under one national network.
According to Paul Imura, key founder of NAIBRS and principal architect of the MUD solution, “With our partnership, we can level the playing field in attaining homeownership and drive growth in many communities. We understand building new homes has a great multiplier effect in creating jobs and providing economic growth at a local level.”
According to Anthony Powell, Executive Vice President of AMS, “Our U.S. 18-million military veteran and retiree population are in sore need of affordable housing. By building new urban development communities, we will shore up areas that have been damaged by the pandemic in 2020, and provide military families with affordable housing solutions. AAFMAA Mortgage Services and our urban development partnership has strong endorsement from military leadership including General William Kernan (ret.), Major General William Matz (ret.) and Rear Admiral Janice Hamby (ret.).”
Sondra Barrett, president of NAIBRS, states, “We are thrilled to work with AAFMAA Mortgage Services. Growing up in a military family and as a career real estate broker, I understand the importance and power of owning a home for families. For the past 15 years, I have never met a client who regretted buying a house and making it their home. This initiative has the capacity to provide families numerous opportunities to enjoy homeownership and will certainly be a beacon of hope.”
In addition to AMS and NAIBRS working together, strategic partners such as Buildzoom, Proposed Properties LLC, and industry leaders like Tom Truong, recent president of Asian Real Estate Association of America and eXp Realty influencer and growth leader are ready to mobilize in key markets. Although national in scope, the project will initially focus on high need markets such as Alabama, Florida, Texas, North Carolina and Michigan. In 2021, MUD expects to launch in several markets to serve as a model to drive down the housing shortage by finding land, recruiting builders and engaging real estate professionals. The MUD projects can range from 100 new home builds to over a thousand units to address the needs of the local market.
About AAFMAA Mortgage Services LLC (AMS)
AMS provides low-rate and low-cost mortgages to servicemembers and Veterans so they can build, buy, or refinance a home. It is part of the American Armed Forces Mutual Aid Association (AAFMAA). Established in 1879, AAFMAA is the longest-standing, not-for-profit financial solutions provider supporting military families and veterans with advice, information, insurance, financial planning, investments, mortgages, survivor assistance and other benefits. For more information, visit www.aafmaa.com/mortgage. Equal Housing Lender. NMLS # 1423968.
The National Association of Independent Builders and Real-Estate Services (NAIBRS) was formed in 2016 as a not-for-profit trade association focused on increasing residential construction through its unified platform, education series, and growth initiatives with strategic partners. For information on the association, please see www.naibrs.org.
To support the Military Urban Development effort or want more information about the MUD initiative: Email Jim Pesavento at email@example.com
Mary York, CEO
York Public Relations