The Richmond Community Foundation’s Black Wealth Builder Fund, a local charitable foundation dedicated to building wealth and preserving economic equity in Black communities throughout Contra Costa and Alameda Counties. With these funds the Foundation will provide three no-interest loans of up to $15,000 for closing costs, down payment assistance, and other financial needs to ensure the close of escrow on a buyer’s first home; zero-interest loans are due at the time of sale or refinancing.
“In our community, homeownership rates for White households is almost double that of Black households. Black households are the only racial/ethnic group that experience consistent declines in homeownership,” said Jim Becker, President and CEO of the Richmond Community Foundation.
“Through the Black Wealth Builder Fund, we will be able to remove key financial barriers for Black households.”
To date, the Foundation has raised more than $140,000 that will benefit 19 new Black homeowners.
For more information about how to apply for funds, qualified first-time homebuyers should contact Niki Beasley or Cymone Goree at Neighborhood Housing Services of the East Bay: 510. 237.6459, and let them know they are interested in the First Time Home Buyer program.