June 26th 2023.
Building wealth is a challenge that Black Americans have long been facing. In an effort to help make homeownership possible, the Cook County Land Bank Authority (CCLBA) in Chicago has launched a Purchase Assistance Program that offers homebuyers up to $20,000.
Unfair procedures have made it difficult for Blacks to own homes. Jessica Caffrey, executive director at CCLBA, said, "Since the 20th century, there have been practices such as redlining, contract purchasing, and all of those things that have held us back nearly 100 years."
The gap in racial wealth can only be closed through systemic changes. Chicago City Treasurer Melissa Conyears-Ervin said, "We know that it must start from the top. We need to work with the leadership of these large bank institutions, make certain they're buying into the mission."
Earlier this year, BLACK ENTERPRISE reported that the Department of Justice announced a settlement with the City National Bank of Los Angeles for declining to underwrite mortgages in predominantly Black and Latino communities. This was the largest settlement of its kind in history. Kristen Clarke, Assistant Attorney General of the Civil Rights Division, said, "This settlement embodies Dr. Martin Luther King Jr.'s commitment to fighting economic injustice and ensuring that Black Americans and all communities of color are able to access the American dream and freely access the credit needed to purchase a home."
In 2017, the CCLBA launched its Homebuyer Direct Program which provides fixer-upper homes at below-market prices. Community leaders and activists have been advocating for homeownership as a way to build generational wealth for decades. With the CCLBA's Purchase Assistance Program, Black Americans now have the opportunity to take the first step towards achieving their financial goals.
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