Program for Black homebuyers in San Diego County offers up to $70K
The median price of a home in San Diego has reached up to $750,000, out of reach for many Black people shopping for homes.
A new program in San Diego is hoping to close some of its city’s wealth gap and disparity in homeownership by offering Black families up to $70,000 toward the purchase of a home.
“Thirty-one percent of Black families in San Diego own their own home versus 65 [percent] of white families,” says Ricardo Flores of Local Initiative Support Corporation San Diego. “That’s unacceptable. It’s always been unacceptable.”
The San Diego Black Homebuyer Program is a down payment assistance grant initiative that has been seeded by a $1 million contribution from the San Diego Foundation Black Community Investment Fund. It aims to eradicate the racial wealth gap in San Diego County through investment in wealth-building opportunities through Black homeownership.
The median price of a home in San Diego has reached up to $750,000 this year. The rising market rates have put homeownership out of reach for many Black families.
“Nowadays, if you own a home, you have rent control,” says Flores. “Your rent isn’t going up once a year. You have stability. That’s important in this world we’re living in now where rent escalation continues.”
To qualify for the program, applicants must be first-time homebuyers living in San Diego County and must qualify for a mortgage. The Urban League of San Diego will provide training to homebuyers.
Flores said the training is to “ensure when the Urban League has a mortgage for a family, that family can actually stay in that house, live in that house and actually qualify. We don’t want to set people up for failure either.”
This HUD-approved educational series is geared towards teaching the basics, from A to Z, in the home-buying process. Together, with their professional partners, the San Diego Urban League provides an overview of the steps to homeownership so buyers can set goals for homeownership.
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Attendance will be required in all four sessions to receive the HUD-approved certificate.
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