As Realtors and members of our community, we see firsthand how homeownership can help build long-term wealth and stability for families. We also see how predatory practices, lack of affordable options, and a racially biased history of policies in real estate and banking, has deterred, and continues to prohibit, homeownership for many.
These are vitally important issues in our community which is why our 2021 Deeds for Deeds goal focuses on reducing racial disparities in homeownership in the Durham Community where currently 72.7% of white residents own a home compared to only 45.8% of Black residents.
We are working to implement a program in partnership with the National Association of Real Estate Brokers (NAREB) which, founded in 1947, is the oldest minority professional trade association in America. Their “Two Million New Black Homeowner Program (2MN5)” is working to eliminate the racial gap on a national level (41% Black vs. 71% White).
Specifically, our initial goal is to raise $25,000 that can be directed to future Black homeowners as closing cost credits.
While we know this effort cannot alone amend the situation that has been centuries in the making, we are hopeful that it will provide some much needed assistance. We also hope the program serves to make a statement that the Black community deserves our efforts in trying to remedy this homeownership gap and the myriad of obstacles they’ve endured from the real estate industry with its persistent systemic racism. Consider this a first step.
The program details have taken longer than we expected to finalize (can we still blame things on 2020?). But fear not, we are close and we need your help! Please leave us your email address so we can let you know how you can be involved.