Efforts to enhance homeownership opportunities for Black, Indigenous, and People of Color (BIPOC) households in San Diego are accelerating with the recent introduction of a dedicated phone number and email address to connect them directly to a Homeownership Advisor.
According to a San Diego Housing Commission (SDHC) news release, collaborating with the San Diego Homeownership Equity Collaborative, the SDHC aims to support middle-income BIPOC households, offering invaluable guidance on assistance programs for down payments and closing costs, credit counseling, and debt reduction. To access the information, households can call or email a Homeownership Advisor at (619) 578-7788 or [email protected].
San Diego City Council President Pro Tem Monica Montgomery Steppe, the Co-Chair of the City-County Reinvestment Task Force and one of the leading members of the San Diego Homeownership Equity Collaborative, is working to help dismantle the barriers that have historically made accessing homeownership more challenging for communities of color. "Having someone to help navigate the often complex process of homeownership is so important, especially for communities that have historically faced intentional access challenges," Steppe said in the news release.
Working closely with the Wells Fargo Foundation, the SDHC and its partners received a $7.5 million Wealth Opportunities Realized Through Homeownership (WORTH) grant to help create 5,000 new homeowners of color in San Diego County by the end of 2025. The national initiative aims to address systemic barriers to homeownership for people of color, according to the news release.
Stacy Spann, head of Housing Access and Affordability Philanthropy for Wells Fargo, highlighted the company's commitment to opening pathways for more people of color to buy homes and build generational wealth. "Through WORTH and our collaboration with SDHC and the San Diego Homeownership Equity Collaborative, we’re working to accelerate actions and foster greater homeownership, wealth, and opportunity in San Diego," Spann said.
The Homeownership Advisor provided by SDHC will serve as an essential point of contact for answering questions, assessing financial preparedness, and, as needed, connecting callers with organizations that help them become ready to buy a home. Among the programs available to middle-income BIPOC first-time homebuyers are:
- $40,000 in total assistance, consisting of a $20,000 deferred loan toward the down payment and a $20,000 grant toward closing costs, or;
- $20,000 grant toward the down payment and closing costs.
The pilot program is designed to assist BIPOC households with income from 80% to 150% of San Diego’s Area Median Income, currently ranging from $110,250 to $175,200 per year for a family of four. Households interested in applying for assistance through the pilot program can contact a loan officer at one of the participating lenders listed on SDHC's website.
A grant from the National Fair Housing Alliance also supports the middle-income BIPOC first-time homebuyer pilot program. In the fall of 2022, 14 community organizations, along with SDHC and the City-County Reinvestment Task Force, formed the San Diego Homeownership Equity Collaborative to announce the San Diego Homeownership Equity Project, which aims to expand homeownership opportunities for San Diego region's people of color, according to the news release.
The SDHC has a successful history of helping first-time homebuyers in the City of San Diego. Since 1988, more than 6,000 households have become homeowners through SDHC's homebuyer and affordable for-sale housing programs. From June 30, 2020, to June 30, 2022, the organization assisted 126 households in becoming homeowners; 74% were Latino, 14% were White, 9% were Asian, 2% were Black, and 1% were multiracial.
In addition to the middle-income BIPOC first-time homebuyer pilot program, SDHC also offers a first-time homebuyer program for low-income households, providing assistance for those with up to 80% of San Diego’s Area Median Income. The same loan officers at participating lenders serve as the primary point of contact for both the low-income and middle-income first-time homebuyer programs. The Homeownership Advisor is also available to assist households with SDHC's programs for low-income first-time homebuyers.
