Financial Assistance

The racial gap in homeownership rates is larger today than it was 50 years ago, as evidenced by U.S. Census data and studies from organizations like the Urban Institute, showing that systemic barriers still persist today.

According to U.S. Census Bureau data, the Black homeownership rate was approximately 44.2% in 1970. The rate for white households was around 65.4%, resulting in a gap of about 21.2 percentage points.

By 2020, the Black homeownership rate was about 43.4%, while the white homeownership rate was around 72.1%, widening the gap to roughly 28.7 percentage points.   This gap serves as a tremendous barrier to financial stability and the accumulation of generational wealth.

To decrease the gap, we are committed to increasing access to sustainable homeownership through direct financial assistance. Some of these programs include:

• Partnerships with organizations that provide down payment assistance
• Special purpose credit programs
• Partnerships with community lending organizations that can provide additional resources and support to alleviate financial burdens related to homebuying. 

Studies and Reports:

Urban Institute Report: The Urban Institute has highlighted that the Black homeownership rate has remained stagnant over the decades, while the white homeownership rate has grown, contributing to the widening gap.

National Association of Real Estate Brokers (NAREB): NAREB has documented persistent barriers, including income inequality, appraisal discrimination, and lending disparities, which hinder Black homeownership progress.