Down Payment Grants for First-Time Homebuyers raised to $19,000 in 2025
FOR IMMEDIATE RELEASE
January 21, 2025
MADISON, WI – Own It: Building Black Wealth, a local organization dedicated to increasing homeownership opportunities for Black and brown families, is proud to announce an increase in its down payment grant program to $19,000 starting in 2025. Own It’s down payment grants have already transformed the lives of 18 families affiliated with their pilot partner, One City Schools, and added $291,000 in equity in real estate.
The grant amount matches the federal gift tax limit — which increased from $18,000 in 2024 to $19,000 in 2025 — ensuring significant financial support for eligible first-time homebuyers. Since its inception in 2021, Own It has worked with local professionals in real estate, banking, and financial institutions to create a private sector fund and provide comprehensive education, resources, and support for aspiring homeowners. This increase reflects Own It’s ongoing commitment to addressing systemic barriers to homeownership and supporting families in building generational wealth.
“Offering down payment grants is a critical step in furthering our mission to build generational wealth for Black and brown families through homeownership,” said Ashley Bergren, Mortgage Loan Officer at UW Credit Union and Advisory Board Member and Ambassador of Own It. “Own It creates an opportunity for the community to provide the generational wealth that has been denied to Black and brown families and the grants make all the difference in a competitive market.”
In addition to the down payment grants, Own It offers robust online financial literacy and homeownership education courses. The program equips participants with the knowledge, tools, and connections they need to navigate the homebuying process confidently and sustainably. The need for an initiative like this is urgent. In Dane County, only 13% of Black householders are homeowners, compared to 64% of white householders.
With the recent announcement that Own It added two new community partners, Anesis Therapy and Centro of Dane County, Own It is increasing the number of families it can serve and the funds it provides.
The Own It fund is built on the collective effort of the community and the real estate industry to continue making a meaningful impact. Own It encourages individuals, organizations, and industry professionals to support its mission through financial contributions and its Ambassador program to expand opportunities for Black and brown families. The Own It team believes it is possible to build a future where the homeownership and wealth statistics for Black and brown families match that of white families.
About Own It: Building Black Wealth
Own It is a transformative initiative driven by Madison-area community members and professionals in the real estate, banking, and financial sectors. Own It focuses on advancing financial education, homeownership, and economic prosperity within Black and brown communities. Through partnerships, education programs, and grant funding, Own It empowers families to achieve financial freedom and transform future generations.
For more information about the Own It: Building Black Wealth initiative or to learn how to support Own It’s mission, visit www.ownitmadison.org and contact Sara Alvarado at 608-438-5005, [email protected].
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Photo of Courtney K and family, Own It grant recipient and first-time homeowner
Photo credit: Barry Sherbeck
Coverage
Own It: Building Black Wealth increases its down payment grant program to assist Black and brown homebuyers, Madison365, January 23, 2025