New Home Ownership Program to Help those Affected by Redlining
Idea Category: Equity & Opportunity, Housing
Problem
In Denver, communities of color have a long history of exclusion, with redlining and other discriminatory practices prohibiting where they could live, impacting employment, education, and homeownership opportunities. Currently, there’s 54% homeownership among white households, while it's under 41% for households of color.
Solution
Denver Mayor Michael Hancock announced a new social equity program to increase homeownership in communities of color. This initiative will assist residents directly impacted by redlining and gentrification with down payment assistance, such as interest-free loans that are forgiven after three years.
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