How To Build a Community Like This

A recent study by the Urban Institute has pointed out that the economic recession of the past five years did not effect all racial groups in America equally. More specifically, it increased the ever-growing wealth gap in this country. Key to this racial wealth gap is the disparity in home ownership. Since a home is often the single most valuable asset of minority families, the high foreclosure rates disproportionately impacted them.

Moreover, the lack of cash reserves meant they were unable to take advantage of lower-than-normal home values. The result is a widening gap in what racial groups are able to pass on to future generations, furthering economic inequality for decades to come. If this trend is ever to be reversed, minority as well as low income groups home ownership must be facilitated by organizations in a position to support those groups for which owning their own home may not be a current priority. Without community investment through an increased percentage of homeownership in these communities, the social economic structure suffers causing a lack of commercial interest and investment.

There are a number of different yet related program initiatives that should be considered including:

• Home Buying and Pre-Ownership Orientation
• Pre-purchase Assessment
• Finance 101
• Credit Education/Debt Management and Budget Counseling
• Homebuyer Education Workshops
• Post Homebuyer Education Workshops