Black Wealth Builders Fund

 “I thought homeownership was just a pipe dream. But there were so many miracles.”
—BWB loan recipient

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What is the Black Wealth Builders Fund?

The Black Wealth Builders (BWB) Fund is a reparations project launched by Arlington Community Church (UCC) in 2021. The fund is designed to help repair a small portion of the financial damage of racism and white supremacist policies—in particular, the longstanding barriers to Black homeownership that have existed in our East Bay communities.

Churches throughout the East Bay contributed to a special Lenten offering in 2021, helping us raise over $100,000 to establish the fund. Many more organizations and individuals have contributed since.

CURRENT AMOUNT RAISED: $880,835

 

Why choose Black homeownership as a reparations project?

For most Americans, a home is their major source of wealth. A home appreciates over time and can be passed down to the next generation. But because of segregation, redlining, adverse (or nonexistent) mortgage terms, and loan application rejection, the Black community has been shut out from this major wealth-building tool.

According to the U.S. Census Bureau, the rate of Black homeownership is 44 percent, the lowest of all groups. In contrast, 74 percent of white families in the U.S. own a home.

Addressing Black homeownership is a way to make long-lasting, systemic change in how Black communities can build wealth and pass it along to their heirs.

 

How does the fund assist potential Black homeowners?

A major barrier to homeownership, especially in the high-priced Bay Area, is lack of a down payment. This is especially true for Black homebuyers, who may have good incomes but no access to the additional capital they need for a down payment. The BWB fund:

•      Creates a zero-percent-interest loan fund, to be paid back only when the home is refinanced or sold;

•      Works through local organizations to identify potential Black homebuyers who are on the journey to home ownership but who lack a down payment.

Because the BWB is a loan fund, money from home refinance or sale flows back into the fund, ready to assist other homebuyers.


How many Black homebuyers has the fund assisted?

Since making our first loan in May 2022, we have now made 43 loans, for a total of $553,800 provided throughout Contra Costa, Alameda, and Solano counties. Here’s the breakdown:

How is the fund structured?

The BWB fund is housed at the Richmond Community Foundation (RCF Connects) through a donor-advised fund. This foundation has an outstanding track record for funding housing projects in the East Bay. RCF services the loans and works to attract funding.

How do you apply for a loan?

All of our loan recipients have completed the homebuyers program offered by the Richmond Neighborhood Housing Services. This outstanding program helps potential buyers get ready for homeownership by providing classes, counseling, access to lenders, and connections with realtors. Our funds are used when the homebuyer has qualified for a mortgage and found a property.

How can donations to the fund be made?

Contributions to the Black Wealth Builders fund can be made by sending a check to the Richmond Community Foundation, 3260 Blume Dr., Suite 110, Richmond, CA 94806. (Please make sure to indicate Black Wealth Builders Fund in the memo line). All contributions are fully tax-deductible.

If you have any questions about the fund, please contact Susan Russell, sleighrussell@gmail.com, for more information.

“I am so grateful to all three organizations—the Black Wealth Builders Fund, Richmond Neighborhood Housing Services, and RCF Connects—for making this happen for me and other first-time homebuyers.” —BWB loan recipient