According to the U.S. Census Bureau, home ownership across the United States in 2023 is 66%.
Taking a look at how home ownership breaks down by race, you’ll see the following statistics:
- 75% of whites are home owners
- 62% of Asian-Americans
- 49% of Hispanic/Latino-Americans
- 46% of Black-Americans
In the state of California, those numbers are even worse for non-white households with only about 12% of both Black and Hispanic/Latino households being home owners!
Jennifer Branchini - president of the California Realtors® Association - stated, “Countless studies have found that home ownership is critical to building generational wealth and economic security for working families. California REALTORS® are pleased to expand ownership housing opportunities for more Californians so they have an opportunity to attain the economic and societal benefits that home ownership provides.”
Just how does C.A.R. intend to help?
They’re partnering with the U.S. Department of Housing and Urban Development as well as Neighborhood Partnership Housing Services to increase the budget for C.A.R.'s Housing Affordability Fund.
This new partnership is resulting in $500,000 statewide to be granted in the form of closing cost assistance provided to People Of Color, Disabled, and LGBTQ+ First-Time Home Buyers.
Thanks to this additional funding, recipients of the grant will be given up to $10,000 to use toward their closing costs in buying their first home!
So who qualifies for this grant? Any home buyer who meets all of the following criteria:
- First-Time Home Buyer (any individual - and all co-buyers on the property purchase contract, if any -who has had no ownership interest in any real property in any location during the last three (3) years.)
- P.O.C. and/or Disabled and/or LGBTQ+
- Income of no more than 120% of the Area Median Income (“AMI”) as set forth by the California Department of Housing Community Development.
- Must use financing consistent with the National Association of REALTORS® Responsible Lending Criteria
- Must be purchasing a single-family residence in California. This can be a 1-4 family unit property, mobile home, manufactured home, condo, co-op, or planned unit development.
- Must not have an affordable housing deed restriction that limits Recipient’s ownership rights in the property’s equity or creates shared equity homeownership that prevents the public resale of the property by Recipient.
- Must not have more than $20,000 in savings after the home purchase.
- Must be using a real estate agent who is a member of California Association of REALTORS® (such as myself).
CLICK HERE to learn more about the program and apply!
And, since you need to have a Realtor® repping you in the transaction, feel free to reach out to me either by:
- emailing me at [email protected]
- calling me at (734) 819-3257
- filling out the contact form on my website for me to get in touch with you.
I look forward to hearing from you soon and helping find your first home.