City Of St. Louis Park: Pilot Program Creates Pathways To Homeownership

Press release from the City of St. Louis Park:

November 03, 2021

It is recognized that historical and institutional racism has disproportionately created housing challenges and disparities for Black communities, as well as members of communities who did not identify as white, and other underserved low-income communities. Black/African American people and households have historically been prohibited from purchasing and owning a home due to redlining, block busting, racially restrictive covenants and decimation of Black neighborhoods for “public purposes” such as freeways.

Additionally, the income and education gap between households of color and white households has resulted in difficulty for Black and African American people and households of color to obtain a mortgage, which leads to subsequent ongoing housing stability issues. Due to this income gap and other social injustices, many households of color have poor credit or no credit, making it even harder to get a mortgage or to get a mortgage with a favorable interest rate.

The city has designed a pilot homeownership program to address these historic injustices and inequities, to facilitate affordable homeownership and to provide a means for wealth-building. The goal is to address housing disparities; build power in communities most impacted by housing challenges and disparities; pilot an innovative program to address housing challenges for Black communities as well as members of communities who do not identify as white, and other low-income communities; and support inclusive and equitable communities.

For more information, visit the home ownership page or contact Marney Olson at 952.924.2196 or molson@stlouispark.org.

This press release was produced by the City of St. Louis Park. The views expressed here are the author’s own.