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February is the month created to focus attention on the contributions of African Americans to the United States. It honors all Black people from all periods of U.S. history living in the United States today. Homeownership for minorities has been an ongoing issue, however, there are a few organizations that are stepping up and doing something to change it. One homeowner at a time.

According to an Urban Institute study that SDHC commissioned, homeownership rates among Black (29.1 percent) and Latino households (35.2 percent) are significantly lower than White (54.8 percent) and Asian (54.5 percent) households in the City of San Diego. Latino households represented 19.1 percent of all households in San Diego, but only 13.6 percent of all homeowner households. Black households accounted for 6.1 percent of all San Diego households, but only 3.6 percent of all homeowner households in the City of San Diego.

The San Diego Homeownership Equity Project, brings together 14 community organizations, the San Diego Housing Commission (SDHC) and the San Diego City-County Reinvestment Task Force to expand homeownership opportunities for the region’s people of color. Homeownership rates for Black and Latino households are significantly lower than those for White households in the City of San Diego. This racial and ethnic homeownership gap has significant impacts on household wealth, savings and financial stability. Supported by a $7.5 million grant from the Wells Fargo Foundation through 2025, the San Diego Homeownership Equity Project will implement strategies to increase homeownership preparation services and financial assistance products for homebuyers of color.

Wells Fargo’s Wealth Opportunities Restored through Homeownership (WORTH) initiative is a $60 million national effort to address systemic barriers to homeownership for people of color. San Diego is one of eight markets across the U.S. to receive a WORTH grant. SDHC and RTF are among the organizations in the San Diego Homeownership Equity Collaborative, which will work to help create 5,000 new homeowners of color in San Diego County by the end of 2025. The company also recently launched a Special Purpose Credit Program to help eligible minority homeowners whose mortgages are serviced by Wells Fargo lower their interest rates and reduce their monthly mortgage payments.

The San Diego Foundation, Urban League and Local Initiatives Support Corporation launched the San Diego Black Homebuyers Program. “So in many cases, they're starting from zero. And what this program does is gives them a slight advantage. It doesn't address all of the other responsibilities that are incumbent upon a buyer, but it gives them a little bit of an advantage,” said Pamela Gray Payton, San Diego Foundation Vice President, Chief Impact and Partnership Officer. Black homebuyers can receive a minimum of $40,000 and up to $70,000 in grant assistance toward their home. Financial literacy is also part of the program. The Foundation says the fund could help as many as 35 Black families but as seed money grows it could help even more families.

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