Date: February 11, 2024
In Virginia, the persistent gap in homeownership rates between Black and white households has prompted renewed efforts to address racial disparities in housing. Recent news highlights initiatives aimed at narrowing this gap and providing opportunities for Black individuals and families to achieve homeownership.
1. The HB854 Statewide Housing Study:
- A January 2022 report commissioned by the Virginia General Assembly revealed that 48% of Black households in the state owned homes, compared to 73% of white households.
2. Black Homeownership Program in Richmond:
- Black-led giving circles and nonprofits in Richmond are working to narrow the racial homeownership gap in the city.
- The Southside Community Development and Housing Corporation (SCDHC) has introduced a pilot program called the Economic Mobility and Black Homeownership Pilot Program.
- The program aims to advance Black homeownership in Richmond through down payment assistance and housing counseling.
- It is funded by a $200,000 grant from the Amandla Fund for Economic and Racial Justice.
- SCDHC will administer the program’s funding and work closely with the families involved.
- The pilot program will assist 10 Black first-time homebuyers falling within 80% to 150% of the area median income range.
- It provides down payment assistance grants and pre- and post-purchase counseling.
- The program’s success will serve as a proof of concept for scaling up efforts to close the racial homeownership gap in Richmond by 2040.