Habitat for Humanity International, which recently received a generous $436 million investment from billionaire philanthropist MacKenzie Scott, plans to invest more than $25 million to increase Black homeownership in the U.S., the Wall Street Journal reports. Overall, the new initiative envisions 3 million new Black homeowners by 2030.
According to the report, the donation will pay for programs at its 1,100 local affiliates around the country, including financial coaching for prospective homeowners. Additionally, the funds would also be used to help change current legislation in specific neighborhoods where multi-unit homes are not permitted, which tend to keep lower-income families out.
Habitat for Humanity's Advancing Black Homeownership initiative was already in motion, but Scott’s donation accelerated the process.
“We both want to bring attention to the fact that there was historic and systemic discrimination that created this situation, and create a set of solutions that would specifically help more Black families be able to obtain the opportunity of homeownership,” said Jonathan Reckford, the chief executive of Habitat for Humanity International.
In addition to Scott’s donation, Habitat for Humanity plans to raise an additional $100 million to help impact Black homeownership.
According to the Census Bureau, the Black homeownership rate was at 44.7% in the first quarter of this year, in comparison to the white homeownership rate of 74%. Latinx people and other ethnic groups had homeownership rates of 49% or above.