- The homeownership rate for White Americans is 72%
- The homeownership rate for Black Americans it is 43%
- The Washington state Black homeownership rate is 34%
- 42% of Black households in Washington state have zero net worth
The Local Initiatives Support Corporation Puget Sound team is working to address the racial wealth gap by increasing home ownership. We are proud to be part of the Black Home Initiative (BHI) network. This regional effort targets the racial inequities at the core of the housing ecosystem in an effort to increase homeownership among Black households. Together, we have a shared priority to create opportunities 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. This is critical work that requires collective action.
LISC is committed to leveraging human and financial capital to increase Homeownership. As part of our committment to BHI, our work includes:
- Partnering with the Seattle Office of Housing to build capacity of Black-led organizations in support of affordable home ownership with community preference to the Black Community.
- Increasing the capacity of Developers of Color through business development, real estate training, and deployment of capital.
- Raising funds to provide low-barrier funding to nonprofit and for profit Developers.
- Partnering with Developers and Financial Institutions to develop low barrier financial tools such as a Guarantee Pool / loan loss reserve funding, Credit Enhancement, and Equity Products that leverage public and private funding.
- Leading a work group to increase Faith Based Partnerships.
- Partnering with the Housing Development Consortium to advance local and state policies that support the shared priority.
LISC believes that safe, affordable housing is one of the basic requisites of life—a key to individual health and well-being, and the foundation for sustainable, economically vibrant and diverse neighborhoods. Permanently affordable homeownership developed by community-based organizations, especially those led by people of color, can create layers of lasting benefits. When organizations develop permanently affordable for-sale homes on land they own, the property can remain in Black, Indigenous, People of Color (BIPOC) ownership, maintaining legacy and reducing displacement of vulnerable populations. Households build wealth through their home’s appreciation and gain the ability to save when housing costs are stable. Permanent affordability extends these benefits to future eligible homebuyers as well.
