The San Diego Foundation offices in Liberty Station.

The San Diego Foundation, LISC San Diego and the Urban League of San Diego County have partnered to provide down payment assistance to help eligible Black residents become homeowners.

The San Diego Black Homebuyers Program is intended to reduce the racial wealth gap in San Diego by investing in generational wealth-building opportunities through Black home ownership.

The program is funded with an initial pledge of $1 million by the San Diego Foundation’s Black Community Investment Fund, along with administrative funding from Supervisor Nathan Fletcher’s office.

Participating lenders will provide at least $9,000 in grants to qualifying home buyers and help them leverage matching grants through sources such as the Federal Home Loan Bank of San Francisco’s Workforce Initiative Subsidy for Homeownership, or WISH.

The WISH program offers eligible low-to-moderate income households 4-to-1 matching grants of up to $22,000 for down payment and/or closing costs. Homebuyers may receive over $70,000 in grant assistance from all sources towards the purchase of a home.

LISC San Diego will be the administrator of funds granted to eligible homebuyers, while also providing an additional $250,000 contribution of its own.

The Urban League of San Diego County will provide its HUD-certified homeownership counseling services for these homebuyers prior to and post-purchase, and will lead outreach efforts.

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Chris Jennewein

Chris Jennewein is Editor & Publisher of Times of San Diego.