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Home Current Events Black Organization Buying Homes To Boost Black Homeownership

Black Organization Buying Homes To Boost Black Homeownership

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Urban League of Greater Madison President Ruben Anthony Jr. stands outside the organization’s offices before announcing a $5 million program to help boost Black home ownership in economically distressed census tracks in the city. Shamane Mills/WPR

The city of Madison and Urban League of Greater Madison recently announced a $5 million program that will increase Black homeownership in Dane County, Wisconsin. With the new funding, families will be able to buy homes with no down payment and interest-only loans for seven years.

In Dane County, where Madison sits, roughly 6 percent of the population is Black and yet the incarcerated population is around 50 percent Black. Homeownership is critical to reversing the tide because most Americans build wealth through their homes. Black homeownership has always lagged and since the Housing Act of 1968, there’s been virtually no increase in that area. The Urban League in Madison is trying to confront the problem through the purchase and renovation of up to 17 homes in south Madison and other lower income communities. The organization will sell the homes to eligible buyers who earn between $50,000 and $120,000.

In Dane County, Black homeownership sits at 10 percent. The rate statewide is more than twice that number while the national rate is 48 percent. The effort of the Urban League is a start and it also points to the larger need to address the issue of Black homeownership. Policymakers, community leaders and Black families must all take a more serious look at the issue and develop solutions. More than anything, Black people must prioritize buying any and all land available in Black communities.

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D'Juan Hopewell
I care about Black Power. Period. Currently working on creating jobs and funding new startups on the South Side of Chicago and writing here and there at HopewellThought.com. Follow me @HopewellThought.
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6 COMMENTS

  1. Love the idea of this type of program and with no down payment! The interest only loan part raises concerns:

    1) 6 years of an interest only loan means zero equity is built during those 6 years
    2) what is the term of the loan because with the above, if it’s the traditional 30, these borrowers will only have 24 years to actually pay off the loan so they’ll have larger monthly payments for those 24 years
    3) what happens with the loan after the 6 years, does it become an adjustable rate mortgage?
    4) adjustable rate mortgages was one of the largest culprits for when people ended up losing their homes through foreclosure or short sales during the mortgage crisis (and then those same people were used as scapegoats by the system for taking out those loans)
    5) what will determine the interest rate?
    6) it seems we are in for a doozy of an economic crisis due to the Coronavirus so the impact of a higher payment & adjustable rate mortgage will be even heightened

  2. this is really good! i like the notion they are also assisting with renovation. all home owners should be exhausting HUD grants to their limit for reno and upkeep of your home. IT’S FREE MONEY sitting in the city’s coffers, if you will. always check the home programs in your city.

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