Down Payment Grants Create a New Path for Economic Justice
On today’s show, A Public Affair host Dana Pellebon speaks with the co-founders of Own It: Building Black Wealth, Tiffany Malone and Sara Alvarado. They discuss why home ownership is so important for Black families to build generational wealth and how their organization is creating a path for economic justice.
Redlining blocked many Black families from home ownership by creating neighborhoods that were hazardous based on race. But redlining isn’t just something of the past. If you qualify for a first-time homeowner program, you might still face discrimination based on who the money is coming from, say Malone and Alvarado. They wanted to create opportunities for home ownership for Black families who have been deemed a “poor financial risk,” a kind of coded language for people who use down payment assistance.
Their organization provides “down payment grants” of $19,000, an amount that falls within the gift tax limit. They use private sector funding so that communities can be the wealth that Black and brown families have been denied. So far they have helped 27 families close on homes, educated 400 people on financial literacy, and raised over a million dollars. From challenging the appraisal industry to advice on how to remove or redact racial housing covenants, Malone and Alvarado talk about how to support Black families for generations to come.
Check out the link to the webpost for the show, and you can listen wherever you get podcasts.
