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.”