Homeownership can lead to intergenerational wealth, yet there is a significant racial gap in homeownership, the Urban Institute found homeownership rates continue to be low among Black and Hispanic households (42% and 48%, respectively, compared to 72% of white households that own a home). Furthermore, they project that the homeownership rate will continue to fall particularly for younger generations.
Representative Andy Vargas and the state’s Black and Latino Caucus established CommonWealth Builder. CommonWealth Builder is an innovative program that uses $100 million in recovery funds to provide financial incentives for developers to sell to first-time home buyers and help build intergenerational wealth for qualifying families. This program also supports the construction of affordable single-family homes and condos and focuses on driving production in communities of color.