The Black Wealth Builders Fund (formerly known as the Black Homeownership Reparations Fund) is moving into its next phase: making our first loans. According to the Richmond Community Foundation, where the fund is housed, two applications have been received via Richmond Neighborhood Housing Services, one of our partner agencies. That means that soon we will be helping our initial group of Black neighbors into their first home.
Launched in 2021 during Lent, the fund today stands at around $216,000, thanks to generous donations from all over the Bay Area and beyond, especially from First Church Berkeley. The goal of the fund is to help repair a small portion of the financial damage of racism and white supremist housing policies. The fund helps Black homebuyers by providing loans for down payments or closing costs. No interest is charged on the loans and they are not required to be paid back until the property is refinanced or sold.
As we learn more about our first loan applicants, we’ll share the details. And this is just the beginning of our journey—the more people we help, the more donations we can attract. It is our hope that other UCC churches around the country will launch funds like ours.
We are gladly still accepting donations to this important cause. You can donate directly by sending a check to the Richmond Community Foundation, 3260 Blume Dr., Suite 110, Richmond, CA 94806. Indicate Black Wealth Builders Fund in the memo line. Or you can donate online here.
More information on the fund and its importance can be found on Arlington Community Church’s website.
— Susan Russell ([email protected])