In a step toward ensuring more equal opportunities for all Washingtonians, the Washington State Department of Commerce has awarded more than $29 million to address wealth disparities, promote homeownership and expand access to financial resources. This is just one of the new and established programs statewide that will provide important capital for grants and subsidized loans for individuals and small businesses.
The monies awarded are in grants through the Community Reinvestment Project, with the funds intended to help individuals and families acquire and secure assets – such as homes and property – to support communities that have long been disproportionately affected by systemic racism during the war on drugs.
The funding prioritizes communities that have long histories of experiencing harm from or being overlooked government-led services, according to Commerce Director Mike Fong. Data has shown that Black, Latine and tribal communities have been more affected by state and federal criminal laws and penalties for drug possession. These grants will provide much-needed support for businesses to grow their services to have a greater impact within their communities and will provide targeted funding for people pursuing homeownership.
Eight existing and emerging Black, Latine and tribal lending agencies will receive $14.5 million of the funding to provide vital capital for lending, operations and salaries, enabling these agencies to better serve their communities.
Another $14.5 million will support five lending agencies as part of the Homeownership Capital Accelerator program. The program works to reduce homebuyers’ monthly mortgage payments and increase their purchasing power, together strengthening the impact of homeownership opportunities.
By focusing program design on communities with the greatest funding challenges, the Community Reinvestment Project aims to reduce disparities in economic, legal and safety outcomes, ensuring a more equitable Washington for everyone.
This post was based on information from the Washington State Department of Commerce.
