The San Diego Foundation, LISC San Diego, and Urban League of San Diego County just launched California’s first grant-based program offering Black homebuyers up to $70,000 in grants for down payments and closing costs.
The San Diego Black Homebuyer Program was established to eradicate the city’s racial wealth gap and increase homeownership for Black families.
“Thirty-one percent of Black families in San Diego own their home versus 65 [percent] of White families,” said Ricardo Flores, a funder with the Local Initiative Support Corporation San Diego. “That’s unacceptable. It’s always been unacceptable.”
The down payment assistance grant initiative received a $1 million charitable donation from The San Diego Foundation Black Community Investment Fund and Nathan Fletcher.
“Homeownership means access to better schools, it means access to something that builds equity and over time that money can be used on other things,” Pamela Gray Payton, Vice President of Community Impact at the San Diego Foundation, said.
According to Yahoo! News, the average price for a home in San Diego is $750,000.
To qualify for the program, you must be a black first-time homebuyer living in San Diego county and qualify for a loan to purchase a home.
How do I apply for this program ?