ORO Impact Launches Innovative Down Payment Assistance Platform to Unlock $9 Trillion of Wealth for American Families
ORO Impact, a social impact fintech company, has launched a revolutionary down payment assistance (DPA) platform that aims to transform homeownership throughout the United States. ORO Impact’s customizable platform makes it easy for employers to make loans to their employees, which the employees can use to make down payments on homes, and realize the dream of homeownership while providing a high-impact retention incentive for employers.
As the 401(k) plan revolutionized retirement savings – offered today to 69% of private sector employees and 92% of government employees – ORO Impact aims to do the same for homeownership.
OROÂ Impact addresses two national challenges: down payment affordability has put homeownership outreach for many Americans, and employee tenure is at record lows as employers struggle to attract and retain employees.
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ORO Impact is the brainchild of George Fatheree III, a history-making attorney turned social impact entrepreneur. Fatheree is most notably recognized for securing the 2022 landmark return of the Bruce’s Beach property, an African-American beach resort in Manhattan Beach, California – marking the first time in U.S. history that the government has returned property taken by racially motivated eminent domain.
Helping Employers, Helping Employees
By helping employers extend down payment assistance to employees, employers benefit from lower retention costs, and employees can begin building wealth quicker. Using ORO Impact’s solution, employers can tailor DPA programs to meet their specific needs by structuring loans as forgivable, repayable, or repayable through a portion of the home’s appreciation. ORO Impact also offers home buyers access to credit repair and other first time home buyer resources.
Addressing Wealth Disparities
Homeownership reflects racial inequity, with homeownership rates for African American and Latino households lagging the national median by 22% and 15%, respectively. In many parts of the country, African American homeownership rates are lower today than in the 1960s, when housing discrimination based on race was legal.
Technology Partner, HOTB Software Solutions
ORO Impact’s platforms are maintained by its software and technology partner – HOTB Software Solutions, LLC. Founded in 2008, HOTB has distributed more than $8 billion in assistance on behalf of the U.S. Treasury and over 17 state agencies, successfully processing thousands of monthly financial transactions for various homeowner and rental assistance programs.
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