Homeownership is the most common form of wealth creation for American households. However, the disparity between the Black not Hispanic (NH) and white NH homeownership rate is nearly 47% (32.7% vs. 70.8%). Analysis of mortgage application, origination and denial rates (2018) show that Black and Latino applicants pursue government-insured loans at up to four times the rate of white non-Hispanic applications, and that denial rates are higher for government-insured loans as compared to conventional loans. These differences translate into a more difficult process for Black, Indigenous and People of Color (BIPOC) households in obtaining the credit necessary to become homeowners.
We are specifically interested in the following:
- Programs that include culturally-competent, personalized financial education, pre-and post-purchase homebuyer education and housing counseling, and down payment and closing cost assistance.
- Advocacy for and/or partnerships among nonprofits and financial institutions to pilot mortgage assistance initiatives targeting Black women. These may include options for manual underwriting, tiered debt-to-income ratios, non-traditional credit consideration, grant assistance and second mortgages to cover down payment and closing costs.
- Homeownership options that include Community Land Trust agreements, cooperatives or other collective ownership.
|GRANT CYCLE||APPLICATION DEADLINES|
|Spring grant cycle||March 24, 2023 by noon
(for funding decision by June 14)
|Fall grant cycle||July 18, 2023 by 5 p.m.
(for funding decision by Nov. 1)
Senior Program Officer, Economic and Community Development
downingj [at] pghfdn.org (downingj[at]pghfdn[dot]org)
Learn more about about grantmaking related to Economic Mobility: