(The Center Square) – On Monday, Washington launched a new program aimed at offering home buying assistance to minorities who faced housing discrimination or were born into families impacted by racially restrictive covenants of the past.
The Covenant Homeownership Program allows qualified homebuyers to apply through their lenders for zero-interest loans to help fund down payments and closing costs.
The loans are funded by fees on real estate documents that are recorded with the state.
Bill sponsor Rep. Jamila Taylor, D-Federal Way, told fellow lawmakers during a 2023 House Housing Committee hearing on the legislation behind the program, House Bill 1474 , that owning a home is part of the American dream.
“It is unmistakable that racially restrictive covenants were essential in a concerted effort to discriminate against black, indigenous, Asian, Jewish and other marginalized residents of Washington state,” she said. “The result of these laws have had a multi-generational impact, and this bill addresses the decades of harm on Washington residents.”