Urban League Receives $2.5 Million Grant to Help First-Time Homebuyers

A Norfolk nonprofit received $2.5 million to go towards a program that will provide below-market-rate first mortgage financing for first-time house buyers. 

The Urban League of Hampton Roads (Norfolk, VA) supports financial self-reliance through housing and employment services. The group received this funding from the Virginia Housing Development Authority's Sponsoring Partnerships and Revitalizing Communities (SPARC) program, known as SPARC. 

“We are excited to serve as valued community partners with Virginia Housing to help members of the Hampton Roads community become First-Time Homebuyers,” said Gil Bland, President and CEO of the Urban League of Hampton Roads. “Homeownership is a foundational step for families to build wealth."

Buyers who meet the set income criteria will have the ability to apply for an interest rate reduction of 1% for a 30-year mortgage loan.

"The SPARC funds will support the Urban League’s continued efforts to close the racial wealth gap in homeownership that exists among Black families and others in underserved sectors of our community," Bland said. "By addressing the significant barriers to affordable housing and mortgage approvals, we can increase the homeownership rate and stimulate wealth creation for the Black and minority communities." 

The disparity between minority families and White families when it comes to purchasing a home is seen through data: the U.S. Census Bureau reports that nationally, the homeownership rate for Black Americans is 42% compared to 73% for White Americans. 

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