“I was their tenant, then became a broker under them. Then I became a business partner. And when Tom retired, I became the sole owner of Century 21 TK Realty,” she said. “From tenant to owner, 37 years in the making.”
That same firm also sold her the first home she ever owned, at just 18 years old.
“I needed two co-signers and a gift from my mother,” she recalled. “But I became the first homeowner in my family.”
Expanding homeownership, embracing commercial real estate
As president of NAHREP, Herrera says her main priority is expanding access to homeownership amid today’s affordability crisis.
“Affordability and the housing crisis remain the main focus,” she said. “Pushing forward with initiatives to shorten the barriers for homeownership is at the forefront for me.”
Herrera also plans to take NAHREP’s mission beyond U.S. borders, recognizing the increasing international nature of real estate.
“I want our members and sponsors to understand that real estate is no longer just within the U.S.,” she said. “We’ve already had investors and builders from Spain and Mexico attend our conferences. They’re interested in how we do business here and they want to collaborate. Real estate is crossing borders, and NAHREP can help lead that global conversation.”
A new initiative under Herrera’s leadership includes empowering Hispanic professionals to expand into commercial real estate, a space like many business sectors that has traditionally lacked diversity.
“When I started, commercial brokers were majority white males, and it was hard to break in,” Herrera said. “But today, many of our clients are ready to own their own businesses, their own restaurants. We need to make sure our agents are ready to help them take that next step.
“We’ve always had the talent, now it’s time we have the opportunity.”
Effect of federal grant cuts
Herrera acknowledged the challenges facing Hispanic homebuyers today, including cuts to numerous federal grant programs that have proved vital for first-time and low-income buyers.
“These special purpose credit programs are now gone,” she said. “In our community, many first-time buyers were using those to buy down interest rates or cover closing costs. Now they’re relying more on state and local grants, if available.”
Despite the setback, Herrera remains optimistic.
“Our community is resilient. We’ve beaten the odds before, and the desire to become a homeowner is stronger than the barriers placed before us,” she said.
The Department of Housing and Urban Development’s order to “crack down” on non-permanent residents receiving mortgages insured by the Federal Housing Administration eliminates the non-permanent resident category from eligibility for Single Family Title I and Title II programs.
The policy change, which is mandatory starting May 25, was announced on the final day of NAHREP’s Homeownership and Housing Policy conference.
Herrera shared a recent story of a young couple in Chicago who had been house-hunting for over six months, constantly outbid in a competitive market.
“They were getting discouraged, so they decided to move in with the wife’s mother, who was ready to downsize. Now they’re combining resources to buy together,” she said. “This trend of multigenerational housing is increasing because affordability is a real issue, especially at the entry level.”
Diversity as a business imperative, looking ahead
Herrera’s rise comes amid federal pushback against diversity, equity, and inclusion (DEI) programs, a trend she views with concern but also with clarity.
“DEI might be a term that people didn’t understand correctly, but to me, it’s a business imperative,” she said. “If your organization reflects the people you serve, if it’s diverse and inclusive, it’s stronger. Well-rounded companies excel.”
Herrera said NAHREP will continue to advocate for inclusion, even if national policies shift in another direction.
“You can’t legislate away the truth, that diverse teams perform better,” she said.
In her home city of Chicago, Herrera sees no slowdown in the housing market, despite challenges. She said homes — even those listed at more than $1 million — are selling within days.
“My projection is that we will continue to succeed,” she said. “We will adapt, we will grow, and we will keep our vision strong.”
As for NAHREP’s vision during her presidency, Herrera said she hopes to leave the organization “a little more inspired” than she found it.
“I want to give it my all this year. I want to leave a mark,” she said. “By the time my term ends, I want our national board to be even more committed to pushing forward. I couldn’t have written a better story, and now it’s my job to help others achieve it too.”
First Time Home Buyer FAQs - Via HousingWire.com
