Investment will help expand homeownership opportunities for Black households in Twin Cities
MINNEAPOLIS, May 30, 2024 – Kicking off National Homeownership Month, Build Wealth MN announced it was awarded $3 million from JPMorgan Chase to support families throughout their homeownership journey and expand homeownership opportunities for underserved communities in the Twin Cities.
Build Wealth MN will use the funds to address the housing disparity gaps in Minnesota as part of the 9000 Equities initiative. This includes access to homebuyer education; affordable mortgage and down payment assistance; and a matched savings account for cost-burdened Black households in the Twin Cities, utilizing a special purpose credit program adopted pursuant to federal fair lending law.
“Barriers to homeownership have long created stark inequities in our local communities and this investment from JPMorgan Chase will enable Build Wealth MN to help more households make homeownership a reality,” said Dr. David McGee, Executive Director of Build Wealth MN. “In this time of high interest rates, low inventory, and higher home costs these funds are more critical than ever to help the 9000 Equities partners as they continue to close the homeownership gap of Black families in Minnesota.”
The 9000 Equities initiative is a collaboration of sixteen financial coaching and housing counseling organizations, lenders, realtors, and other partners that are dedicated to closing the homeownership gap. The goal is to help 9000 Black families in Minnesota become homeowners.
Maelene Rhodes, who is celebrating the milestone of being the 1000th homeowner to purchase via the 9000 Equities initiative, started her journey in June of 2018 and closed on her home this Spring. The Rhodes family engaged with the Build Wealth Family Stabilization Plan to restore their credit, reduce debt, and increase their savings to qualify for a home mortgage and special down payment assistance programs.
“I am beyond thrilled to be the 1000th person to help Build Wealth and its partners reach this milestone. My family has always wanted a place to call our own and to begin building generational wealth for our children and grandchildren. We worked hard to stay on track with our workable budget, savings, and credit building. We are beyond grateful to Build Wealth MN!”
Homeownership is a proven source of wealth building; however, underserved communities face persistent challenges in obtaining and maintaining their homes. In nearly every state, including Minnesota, people of color are less likely to own homes compared to white households.
As part of JPMorgan Chase’s strategy to combat the housing affordability crisis, the firm is supporting organizations advancing innovative homeownership financing and wealth building models that can be successfully scaled throughout the country. By working with organizations on the local and national levels, the firm aims to help support underserved individuals throughout their homeownership journey, whether they be first time homebuyers or current homeowners.
“Affordable housing opportunities are vital to creating strong communities and building intergenerational wealth,” said Joanna Trotter, Executive Director, Corporate Responsibility for JPMorgan Chase in Minnesota. “The private sector has an important role to play alongside non-profit organizations and policymakers in advancing housing affordability, including increasing access to homeownership. Build Wealth has a proven model and we’re proud to help it expand.”
The 9000 Equities partners will host their One Door to Homeownership (Homebuyer Expo) event on June 22nd from 10am-4pm. Participants will hear about the latest housing market, hear from experts on lending, credit building, the pre-approval process and down payment assistance as well as the opportunity to form relationships with realtors and banks. For more information: www.9000Equities.com/events
Read more about the JPMorgan Chase commitment here: https://www.jpmorganchase.com/news-stories/20million-housing-affordability-commitment
Pictured: Maelene Rhodes and family
Photo Credit: DasJohn McGee
Opmerkingen