San Diego Housing Commission Receives $7.5 Million Wells Fargo Grant to Increase Homeownership for People of Color

Date Published: 
October 11th, 2022

From Wells Fargo's press release:

An expanded effort to help more people of color in the San Diego region become homeowners is launching today with the support of a $7.5 million grant from the Wells Fargo Foundation. The grant was awarded to the San Diego Housing Commission (SDHC), part of the San Diego Homeownership Equity Collaborative.

Homeownership rates for many households of color are significantly lower than other racial groups. For example, an SDHC‑commissioned Urban Institute study of City of San Diego households identified homeownership rates of 29.1% among Black households and 35.2% among Latino households, compared with 54.8% among white households.

"I'm incredibly grateful to Wells Fargo for dedicating funding so that more San Diego families have the opportunity to purchase a home," said San Diego Mayor Todd Gloria. "Public‑private partnerships like these help us address the root causes of inequity. This funding will change the lives of 5,000 families of color in our community, helping put homeownership within reach at a time when it's more crucial than ever.

The San Diego City‑County Reinvestment Task Force (RTF) will lead the implementation of the San Diego Homeownership Equity Collaborative's strategies throughout the San Diego region.

"Systemic inequities and racist historical practices have prevented families of color from achieving their homeownership and wealth‑building goals for too long," said Council President pro Tem Monica Montgomery Steppe, who introduced a proclamation that the City Council approved to declare September 21 "Homeowner Equity Day" in the City of San Diego. "I'm thrilled that the Wells Fargo WORTH grant gives San Diego an opportunity to decrease the equity gap and increase access to homeownership for new homebuyers of color."

Read Wells Fargo's press release. 

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