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Expand Shared Equity Programs for Homebuyers
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- Well Being In the Nation Network
A shared equity program is about investing in homeownership. An organization or a non-profit group invests in a certain percent of the home. An organization could pay 25% of the home. Then the home-buyers only have to pay 75% of the money for the home. This makes the home more affordable. Home-buyers have to make at or below a certain income to be in a shared equity program. Half of white households that are low income own their homes. Only 27% of Black families that are low-income own their homes. Owning a home helps with economic growth for a lot of families that are low income. It helps them build assets and reach financial security. Homeownership also helps develop family wealth and lowers intergenerational poverty.