Homeownership is often seen as a step towards laying down roots in a community and building generational wealth, and groups in San Diego are working to increase access to homeownership for Black families.
An Urban League Study reports 29% of Black San Diegans are homeowners, compared to 35% of Latinos, 54% of Asians and 54% of white in the same city.
“There is an enormous racial wealth gap that we are hoping to close here in San Diego specifically focusing right now on Black San Diegans and one way to accomplish that is through home ownership,” San Diego Foundation Vice President Pamela Gray Payton said.
San Diego Foundation is leading an effort with partners to increase homeownership in the Black Community.
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Through the foundation's Black Community Investment Fund, they are helping first-time homebuyers attain approximately $40,000 in grants towards the purchase of a house.
The Urban League, which is a partner in the effort, is stressing the importance of the programs aimed at closing the gap.
“Our task was to create 35 and we have now created 40 first-time Black homebuyers in San Diego,” Urban League of San Diego CEO Al Abdallah said.
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Local realtors stress how important homeownership is for everyone.
“To have complete control of what you and your family do is a complete game changer,” realtor Destiny Roxas said.
Lack of access to capital, among other things, is to blame for the lagging rate of homeownership in the Black community.
The gains made due to programs led by the San Diego Foundation and Urban League are already making an impact.
“We know it will for the 40 families already. When we add up the value of the purchases it’s somewhere around $9 million and that is helping to close the gap,” Payton said.
The San Diego Housing Commission announced on Jan 30. a $184,000 grant awarded to SDHC affiliates to support homeownership programs for people of color.
The San Diego Foundation said they will continue their efforts until the homeownership gap is closed.
