Expand Homeownership: Improve access to homeownership, especially among low-income residents and people of color.
Homeownership has given generations of Minneapolitans the opportunity for housing stability and wealth development. However, these opportunities have not been available to all Minneapolitans. Past and current racially restrictive housing policies and pracitices have significantly reduced homeownership opportunities for people of color. There is a 36 percentage point gap between households of color that own their home versus white households. Over 59 percent of white non-Hispanic households own their home, while less than 21 percent of African-American and American Indian households own their home. Just under 25 percent of Hispanic households own their home.
The City can take action to help overcome the legacy of past barriers as well as current barriers in accessing homeownership. These actions are not just investments in filling the financial gap between the cost of a home and what buyer can afford; they are investments in people to help develop the skills and capacity to support homeownership.
The City will seek to accomplish the following action steps to improve access to homeownership, especially among low-income residents and people of color.
- Support nonprofit organizations that provide financial counseling and homebuyer education to build homeownership capacity among low- and moderate-income households, especially households of color.
- Support wealth-building housing models with a particular focus on communities of color, low-income renters and cultural communities.
- Evaluate programs on how well they serve communities of color, low-income renters and cultural communities.
- Support services that promote post-purchase counseling and foreclosure prevention and other services.
- Develop tools to ensure long-term affordability when the City makes investments in housing.