Homeownership
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.
Application Deadlines
| Grant Cycle | Application Deadlines |
|---|---|
| Spring grant cycle | Feb. 26, 2024 by 5 p.m. (for funding decision by June 6.) |
| Fall grant cycle | July 11, 2024 by 5 p.m. (for funding decision by Oct 30.) |
Grant Guidelines
How to Apply for Grants
More Grantmaking Supporting Economic Mobility
The Pittsburgh Foundation also offers the following funding opportunities to eligible applicants.
Access to Post-Secondary Education
Career Advancement
