The Work
OUR SHARED PRIORITY
To create opportunity for 1,500 new low- and moderate-income Black households to own a home in South Seattle, South King County, and North Pierce County within the next five years.
Why is Black Home Initiative Needed?
The City of Tacoma reports a loss of more than 50% of its Black homeowners in its central neighborhoods since 2007.
The displacement of Black families and businesses not only scatters and break family connections, but it also ends legacy businesses, erases cultural identity, threatens economic livelihood, and tears away the opportunity of building the intergenerational wealth necessary for a down payment on a home. Homeownership plays a critical role in maintaining these vital elements of economic opportunity and prosperity.
TAKE A MOMENT TO TRULY GRASP THIS FACT:
42% of Black households in Washington state have zero net worth.
The Approach
In order to achieve our shared priority, Black Home Initiative is focusing on three key areas:
Growing the pool of homes available for purchase.
Supporting Black households who want to buy a home and obtain a mortgage.
Improving the collaboration among public, private, and nonprofit organizations to create a more efficient and effective “ecosystem” for Black homeownership
The Seven Point Plan
BHI implements the Seven Point plan as a demonstration pilot in South Seattle, South King and North Pierce Counties.
The plan outlines seven (7) focus areas: marketing and outreach, pre-/post-purchase counseling, purchase supports and tools, credit and lending, policies and practices, and sustaining existing homeowners.
Released October 2021
FREQUENTLY ASKED QUESTION
How is Black Home Initiative different than all similar efforts of the past?
The key is to shift our mindset away from working as bright but separate stars and towards working like a highly connected constellation. By aligning ourselves in a network, our joint impact can be far greater than the sum of our individual efforts. Our intent is to increase affordable housing supply, prepare Black homebuyers for their journey, support them along the way, and facilitate their ability to live out their homeownership dreams, then our target is systemic change that rights the wrongs of the past and the present and ensures equitable access to opportunity in the future.
Be a Part of the Solution
Learn how you or your organization can help support this initiative to increase Black homeownership in the South Seattle, South King and North Pierce Counties.