A private investment will help people of color, Hispanics and African-Americans become homeowners.
(NEWS NOW).- A $7.5 million grant will help people of color, Hispanics and African-Americans become homeowners in San Diego.
The millions of dollars in aid were donated by the Wells Fargo Foundation to the San Diego Housing Commission (SDHC), in charge of granting funds so that more families in San Diego have the opportunity to buy a home.
“For communities of color, the housing crisis has been compounded by decades of discriminatory policies designed to exclude them from access to home equity, financing, and ownership opportunities. Innovative programs and public-private partnerships like the WORTH grant are critical to addressing these issues,” said California Senate President Pro Tempore Toni Atkins.
Homeownership rates for many households of color are significantly lower than for other racial groups.
An SDHC-commissioned Urban Institute study of San Diego city households confirmed homeownership rates of 29.1% among Black households and 35.2% among Latino households, compared to the 54.8% among white households.
“I am incredibly grateful to Wells Fargo for dedicating funds so that more San Diego families have the opportunity to purchase a home,” said San Diego Mayor Todd Gloria.
According to the Mayor, this funding will change the lives of 5,000 families of color in San Diego, helping to put homeownership within reach at a time when it is more crucial than ever.
The City and County of San Diego Reinvestment Task Force (RTF) will lead the implementation of the San Diego Homeownership Equity Collaborative’s strategies throughout the San Diego region.
SDHC provides staffing support for RTFs and administers first-time homebuyer programs for the City of San Diego, County of San Diego, and the Cities of Chula Vista and El Cajon.
The grant to SDHC comes from Wells Fargo’s Wealth Opportunity Restored Through Homeownership (WORTH) initiative, a $60 million national effort to address systemic barriers to homeownership for people of color, and San Diego is one of eight markets that receives a WORTH grant.
SDHC and RTF are among the organizations in the San Diego Homeownership Equity Collaborative, which will work to help create the 5,000 new homeowners of color in the county by the end of 2025.