Michael Loftin (Homewise): 10 Key Things You Must Know
Overview
Michael Loftin is the Chief Executive Officer of Homewise, a nonprofit organization based in Santa Fe, New Mexico, which focuses on sustainable homeownership as a means of economic empowerment for modest-income families. Under Loftin's leadership, Homewise has developed innovative strategies to integrate the home buying process, making it more accessible and effective for potential homeowners. His work, including the implementation of Santa Fe's inclusionary zoning law, has positioned Homewise as a model for community development. In the following segments, we will explore various intriguing facets of Michael Loftin's contributions and the impactful work achieved through Homewise.
1. Early Career and Community Organization
Before joining Homewise, Michael Loftin was a prominent community organizer in Chicago. He founded The Resurrection Project, aimed at revitalizing several Mexican-American neighborhoods. This groundwork laid the foundation for his long-term commitment to community development, focusing on preventing displacement and fostering urban renewal.
2. Joining Homewise
In 1992, Loftin joined Homewise, bringing his community-centric approach to affordable housing. His vision and leadership transformed Homewise into a pioneering entity that integrates the various steps of home buying into a single streamlined process, significantly easing the journey toward homeownership for many families.
3. Innovative Homeownership Model
Loftin's pioneering model at Homewise involves salaried realtors and loan officers, contributing to significant savings for homeowners. This model not only makes homeownership more attainable but also reduces customer mortgage costs by an average of $120 per month compared to traditional FHA loans.
4. Inclusionary Zoning Law
One of Michael Loftin's notable achievements is drafting and leading the campaign for Santa Fe's inclusionary zoning law, which has been recognized as one of the most ambitious zoning reforms in the United States. This law has served as a blueprint for other cities looking to ensure affordable housing in rapidly developing areas.
5. Community Development Strategy
Loftin spearheaded Homewise's community development strategy, focusing on revitalizing disinvested neighborhoods in Albuquerque and creating new, mixed-use, mixed-income communities in Santa Fe. These efforts aim to enhance community cohesion and provide inclusive economic development opportunities.
6. Achievements and Awards
Under Loftin's leadership, Homewise has become New Mexico’s sixth-largest mortgage lender and has maintained an over-30-day delinquency rate of less than 2%, significantly lower than the national average. This success is underscored by awards such as being named practitioner of the year by the National NeighborWorks Association.
7. Educational Contributions
Loftin's educational background includes a Bachelor's degree in History from Northwestern University. His involvement in educational governance continues as a board member of Excellent Schools New Mexico, contributing to policies that promote educational advancement.
8. Financial Independence of Homewise
Homewise has achieved financial independence by covering all operating expenses from earned income, allowing grants and donations to be focused on expansion and innovation rather than operational sustainability. This financial model provides Homewise with a stable foundation to expand its projects and reach.
9. Current Influence
Michael Loftin continues to serve on several boards, including the New Mexico Mortgage Finance Authority, influencing housing policy at a statewide level. His input is pivotal in shaping discussions around affordable housing and economic development within New Mexico.
10. Future Prospects and Community Investment
Looking forward, Loftin aims to focus on further community investment initiatives, such as the Homewise Community Investment Fund, which will enable local residents to invest in affordable housing projects, thereby promoting homeownership among working-class families in Santa Fe.
Conclusion
Michael Loftin's leadership at Homewise underscores the transformative potential of innovative homeownership and community development strategies. By focusing on systemic change and community involvement, Loftin has not only impacted the housing sector in New Mexico but has also set a precedent that can inspire similar efforts nationwide. His continued dedication foreshadows further advancements in making homeownership accessible to all, encouraging communities to invest in the prosperity and stability that homeownership can bring.