ERASING THE REDLINE OF RACIAL INJUSTICE
The Black Wealth Builder's Fund is a project launched by Arlington Community Church (UCC), 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.
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.
How does the fund assist potential Black homeowners?
A major barrier to homeownership, especially in the high-priced Bay Area, is the 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.
We will:
• Create a zero-percent-interest loan fund, to be paid back only when the home is refinanced or sold;
• Work with Black-serving local organizations to identify potential Black homebuyers who are on the journey to homeownership but who lack sufficient down payment.
Because the Black Wealth Builder's Fund is a loan fund, money from home refinance or sale flows back into the fund, ready to assist other homebuyers. In addition, there may be other avenues by which we can support Black homeownership through our fund.
For further assistance or specific information on a wire transfer, stock donation, or any other bequest, please contact Stacey Street at sstreet@richmondcf.org or 510-234-1200.
