The San Diego Foundation, LISC San Diego, and the San Diego County Urban League have partnered to provide down payment assistance to help eligible black residents become homeowners.
The San Diego Black Homebuyers program aims to close the racial wealth gap in San Diego by investing in generational wealth building opportunities through black home ownership.
The program is funded by an initial pledge of $ 1 million from the San Diego Foundation’s Black Community Investment Fund, as well as administrative funding from the office of Supervisor Nathan Fletcher.
Participating lenders will provide at least $ 9,000 in grants to eligible homebuyers and help them leverage matching grants through sources such as the Federal Home Loan Bank’s Workforce Initiative for Homeownership Grant. San Francisco, or WISH.
The WISH program provides low to moderate income households with 4-to-1 matching grants of up to $ 22,000 for down payment and / or closing costs. Home buyers can receive over $ 70,000 in financial assistance from all sources for the purchase of a home.
LISC San Diego will be the administrator of funds awarded to qualifying homebuyers, while also providing an additional contribution of $ 250,000.
The Urban League of San Diego County will provide its HUD-certified property advisory services to these buyers before and after the purchase, and lead the outreach efforts.