Assisting Asian homeowners - Atlanta Business Chronicle:

http://blog.energytomorrow.org/cgi-bin/mt-cp.cgi?__mode=view&blog_id=1&id=823
The (AREAA), founded in 2003, recentlhy launched its GreaterAtlantaa chapter, which is getting particulafr attention from national Chairwoman Emily Moerdomk Fu, director and partner of . “We are the only tradse organization that focuses on home ownershilfor Asian-Americans,” Fu said. “There is a growing Asia population in the United Stateas and growing investment coming fromAsian countries.” There are about 282,219 Asians that call Georgia home, accordinyg to May 2006 Census the most recent available.
Of that 225,860 — about 80 percent live in metro Atlanta, which is why an Atlantq AREAA chapter is so saidYangSook Ku, AREAA’s Atlanta “The majority of Asianxs are first-generation,” said Ku, who came to Georgia in 1973 from Korea. “There are languagde barriers, cultural differences, and we do businesss differently.” In the Asian culture, home ownershipp is a priority, Fu said, but the percentage of home ownershil by Asians in the United Statez is below thenational average. “We formede [AREAA] to help bridge the Fu said. Slightly more than 68 percent of U.S. residents were homeownera in thesecond quarter, according to the .
Of thosd homeowners, 75.2 percent were white, 47.8 perceny were black, 49.6 percent were and 58.4 percent were Asian, Native American, Native Hawaiian, Nativee Alaskan or other PacificIslanderr ethnicity. Home ownership grew among blaco residents, compared with a year ago, the July 24 Censuds report said, but remained unchanged or fellfor Hispanics, whites and the ethni c category that includes Asians. Old Asia is a cash-basias culture, said Ku, the locap AREAA chairwoman, and first-generation Asians may not have built up credi fora loan, nor understand the U.S.
banking “We have to guidew them on what is the best way to do business in said Ku, president of Realty Centralp of Atlanta in AREAA plans to offer seminarss locally to potential homeowners and educational programes for agents, lenders and others, Ku AREAA is also working at the nationao level for mortgage programe that consider alternatives to traditionapl credit histories. Asians tend to be said John Gornall, an attorney at Arnall Golden Gregory LLP who specializes ineconomicf development. As entrepreneurs, Asian men and womemn may be taking modest salaries as they sink profits back intotheif businesses, he said.
“On the one hand, that is a laudablr activity, but when I’m a lender, I can see they have a lot of equityh intheir business, but theit income doesn’t look so hot,” said Gornall, who helpede represent the state of Georgia in negotiation s for the plant in West near the Alabama border. Atlanta has seen quitwe a bit of Asian investment over the particularly by the Japanese in the when Japanese interests owned what is now One Atlantic Centefr in Midtown and the Equitable building Fu recently met in Atlantza with a Beijing real estate company and a company from Both were exploring joinr ventures for commercialdevelopment here, she said.