Transforming rural communities through BIPOC homeownership Sponsored by PfRTorg
The benefits of homeownership are well documented. Homeowners’ children are likelier to graduate and enroll in college than renters’ children, and homeowners across the income spectrum exhibit higher rates of civic engagement through voting than non-homeowners. Additionally, homeownership is a critical strategy for asset development. On average, each additional year of homeownership increases the net worth of a household by $13,700.
If we empower prospective homebuyers and local housing practitioners in rural and Native communities with housing counseling and homebuyer education resources, access to capital and credit, and a level playing field in the public policy arenas, then we can collectively create 5,000 new BIPOC homeowners by December 2025 as a down payment on long-term investment in systems change that will lead to greater homeownership opportunities for people of color for generations to come.
The Collaborative’s Implementation Plan builds on PRT’s existing processes and systems to manage this four-year project and track the achievements. The Collaborative’s primary target market includes rural and Native communities in 244 persistent poverty counties across 18 states, focusing on Black, Latino/a, and Indigenous populations.
Persistent poverty counties are places where the poverty rate has eclipsed 20% for three consecutive decades.
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