BLACK HOME INITIATIVE
Closing the racial wealth divide through homeownership.
Homeownership Center Northwest is a proud partner in the Black Home Initiative. The goal of the Black Home Initiative (BHI) is to create 1,500 new Black homeowners within the next five years.
Homeownership Center Northwest is a proud partner in the Black Home Initiative. The goal of the Black Home Initiative (BHI) is to create 1,500 new Black homeowners within the next five years.
What is the Black Home Initiative?
The Black Home Initiative (BHI) aims 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 in the next 5 years. A network of private, public, and nonprofit partners has teamed up to transform the systems that have impeded access to homeownership for Black households in the greater Seattle region.
It will take collaboration from all areas of the homeownership “ecosystem” – government, lending, realty, nonprofits, and more – to make real change.
The Black Home Initiative focuses on three key areas:
Buying a home can be complicated, even in the best of circumstances. Rising costs and low supply of homes have made homeownership a challenge for many folks in our region, but historical and ongoing racism and exclusion mean this goal is even less attainable for Black households.
The City of Tacoma reports a loss of more than 50% of its Black homeowners in its central neighborhoods. Multiple systemic barriers contribute to this gap. 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.
The Black Home Initiative (BHI) aims 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 in the next 5 years. A network of private, public, and nonprofit partners has teamed up to transform the systems that have impeded access to homeownership for Black households in the greater Seattle region.
It will take collaboration from all areas of the homeownership “ecosystem” – government, lending, realty, nonprofits, and more – to make real change.
The Black Home Initiative focuses 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
Buying a home can be complicated, even in the best of circumstances. Rising costs and low supply of homes have made homeownership a challenge for many folks in our region, but historical and ongoing racism and exclusion mean this goal is even less attainable for Black households.
The City of Tacoma reports a loss of more than 50% of its Black homeowners in its central neighborhoods. Multiple systemic barriers contribute to this gap. 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.
I'm Interested! How do I get started?
The first step on your homeownership journey is to contact the Homeownership Center Northwest! If you meet our qualifications for homebuying we are happy to get you on the path to homebuying. If you don't qualify for our services, we will connect you to other resources that can assist you in your journey. Check our eligibility page here.
The first step on your homeownership journey is to contact the Homeownership Center Northwest! If you meet our qualifications for homebuying we are happy to get you on the path to homebuying. If you don't qualify for our services, we will connect you to other resources that can assist you in your journey. Check our eligibility page here.