Seattle, WA — A new regional effort to increase rates of Black homeownership in the Greater Seattle region launches today with a goal of generating 1,500 new Black homeowners in the next five years. Supported by JPMorgan Chase through a $1.95 million investment, Black Home Initiative (BHI) is part of a national effort to target racial inequities at the core of the housing system from the Center for Community Investment (CCI) at the Lincoln Institute of Land Policy.
“We live in a region that has created prosperity for many residents but left Black communities behind on every pillar of well-being, economic prosperity, health equity, legal justice, education and civic engagement,” said Andrea Caupain Sanderson, CEO of Byrd Barr Place and one of eight members of the Black Home Initiative core team. “It is time to activate the right levers that will change outcomes for the better in our Black communities. We also know that when we all do better, we all do better.”
This multi-sector initiative aims to connect capital more effectively across six U.S. cities, including Seattle. Civic Commons is the convening organization for the Seattle site. Additional funding for the local effort comes from Seattle Bank.
“As a person of color who has realized the gratification of homeownership several times over, along with the financial impact of ownership, I am so proud of JPMorgan Chase for supporting Civic Commons and the Black Home Initiative,” said Quincy Crawford, SR. Home Lending Manager with Chase. “JPMorgan Chase is committed to helping communities make a long-term investment in increasing Black homeownership and helping to build generational wealth down the road. We feel our support of this initiative is an important way we are helping to build the long-term success of the local economy.”
Discriminatory housing practices such as redlining and restrictive covenants have a long history in the Seattle-Tacoma area, where a current shortage of affordable housing is further contributing to a significant racial gap in homeownership rates. In our region, the rate of homeownership among Black households is roughly half the rate among white households (25.8% versus 50.9%). Owning a home that has appreciated in value is one of the most common ways to avoid displacement, achieve financial security and pass on wealth.
Black Home Initiative will address these inequities with a cross-sector approach that includes obtaining land, creating new funding mechanisms aligned with the needs of developers, and targeting a variety of housing types and methods of sale. Loans will come from a variety of sources, including financial institutions and credit unions who are willing to create new pathways for successful homeownership. A combination of various down payment resources will also be essential.
“We are committed to advancing racial equity and affordable housing to create wealth and opportunity for communities of color with low-incomes,” said Robin Hacke, CCI executive director and co-founder. “At the Center for Community Investment, supporting collaborative community development efforts is at the heart of what we do. We’re excited to help the six cities participating in this initiative apply our capital absorption framework.”
Community engagement is the foundation of Black Home Initiative. The work will be guided by a core team of eight community leaders from King and Pierce counties and a broader group of approximately 26 additional stakeholders will serve on key advisory groups. The core team is a cross-sector group representing businesses and organizations such as Byrd Barr Place, HomeSight, Rainier Beach Action Coalition, United Way of King County, Urban League of Metropolitan Seattle, Zillow and the cities of Kent and Tacoma. Its members will leverage their individual expertise and relationships to help design the initiative’s priorities and strategies.
