HomeSight News - HomeSight

December 4, 2024December 4, 2024 HomeSight

HomeSight Receives Bank of America’s Neighborhood Builders Award

HomeSight is proud to announce it has been awarded Bank of America’s Neighborhood Builders Award. The award provides multi-year funding and leadership training to high-impact nonprofits driving economic mobility in communities nationwide. This year, HomeSight, The Coffee Oasis, and Rise Above and its founder were chosen as the 2024 Neighborhood Builders for their work to advance economic mobility.

The award comes with a two-year grant, as well as leadership training for HomeSight’s Executive Director Darryl Smith, and its selected emerging leader, Portfolio Director Scott Kim. Since the program’s inception in 2004, 41 Puget Sound area nonprofits have been selected as Neighborhood Builders.

“Receiving the Neighborhood Builders award allows us to promote social and economic mobility by creating affordable homeownership opportunities, supporting small businesses, and strengthening community advocacy,” said Daryl Smith, executive director of HomeSight. “With Bank of America’s partnership, we can provide innovative resources that allow our community members to build prosperity on their own terms.”

Since 1990, HomeSight has unlocked doors to homeownership and worked to create vibrant communities throughout Washington state. Through education, counseling, and lending, HomeSight creates new homebuyers across Washington, develops affordable housing projects for first-time homebuyers, and collaborates with diverse Seattle communities to strengthen local economic stability and preserve affordability.

“This year, we celebrate the 20th anniversary of the Neighborhood Builders program in Seattle as a testament to Bank of America’s commitment to helping nonprofits scale their impact and create meaningful change in our communities,” said Jim Morehead, president of Bank of America Seattle. “This is the second time HomeSight has been named a Neighborhood Builder and we applaud their work creating pathways for stronger, healthier, and more economically stable futures for individuals and families in our region.”

HomeSight News, News, Press Releases

November 5, 2024November 5, 2024 HomeSight

Field Order 15 Fund Expands its Scope to Include Land Purchase Funds

Field order 15 fund expands it scope to include land purchase funds

Funds from the Community Reinvestment Project (CRP) Will Support Innovative, Intentional Solution to Deeply Rooted Homeownership Inequity

HomeSight Executive Director Darryl Smith joined Commerce Director Mike Fong at Othello Square in south Seattle Friday for the announcement of the state’s 19 recipients of the Community Reinvestment Program (CRP) grants.

The grant awarded to HomeSight will provide $5 million to expand the Field Order 15 Fund and $2.8 million to provide homeownership down payment assistance and create a new low-interest loan program.

Launched in January in partnership with the Black Home Initiative (BHI), the Field Order 15 Fund provides upfront grant money, eligibility for low-interest lending and technical support for BIPOC developers who are building affordable homes in the communities that need these resources most.

The grant expands the program to enable BIPOC developers to purchase the land on which they’ll be building, allowing developers to take the next step in the process, and opening previously closed doors for home developers.

The CRP is a community-designed plan to uplift those disproportionately harmed by the war on drugs. The aim is to advance equitable economic development by helping target communities acquire and secure assets and work together to achieve goals.

Smith, speaking at the press conference, said: “Racial disparity in homeownership wasn’t created by accident and it won’t be fixed by accident. HomeSight and BHI partners are grateful for this investment, which will lower barriers for builders who are invested in our goal to improve homeownership rates for the BIPOC community. These builders need and deserve a seat at the table and a voice in the solution to the affordable housing shortage.”

BIPOC homebuilders make up half a percent of real estate developers nationwide.

“The Field Order 15 Fund is an innovative approach to reducing racial disparities in the region’s housing market, which is the key driver behind BHI,” said Michael Brown of BHI. “Washington is experiencing a housing shortage that’s disproportionately impacting BIPOC communities. Working with HomeSight, we’re taking an equitable approach to building inventory and creating more BIPOC homeowners.”