As society strives to create a more equitable future for all people, the housing market remains one area where generational inequality has been deeply felt. To help address these issues and make housing more accessible for historically marginalized groups, Windermere has partnered with HomeSight to create a new down payment assistance fund to aid Black first-time homebuyers.
The fund is aptly called the Sam Smith Homeownership Fund, after Washington State legislator Sam Smith, who passed the state’s Open Housing Law, which barred discrimination based on race and religion in 1967. While housing discrimination has been illegal in the state since that time, Black communities have continued to be underserved by the lending and housing sectors to the present day.
The new down payment fund will provide deferred, low-interest loans to bridge the affordability gap for low-to-moderate income Black homebuyers in Washington, whose homeownership rates lag behind the rest of the state due to the lack of resources available to them. By helping first-time homebuyers secure funding for a home loan, the program aims to build stronger communities and increase the generational wealth of marginalized households.
To implement this program, Windermere has partnered with HomeSight, an organization focused on community advocacy, homebuyer education, purchase assistance and empowerment through small business grants and cultural anchors. By ensuring homeownership is attainable for all, HomeSight strives to build strong communities with vibrant businesses, deep roots and a new generation of homeowners.
The Sam Smith Homeownership Fund is supported by the Windermere Foundation and donations from Windermere brokers and the public. Learn how you can support this new fund here.
