The Norfolk Redevelopment and Housing Authority’s (NRHA) HomeNet Homeownership Center (HomeNet) was awarded a grant from Virginia Housing.
According to a press release, the grant was given to bridge the minority homeownership gap in Norfolk and give people the opportunity to buy a home.
The grant will allow HomeNet to assist minority first-time homebuyers by providing down payment and closing cost assistance as well as giving them a 1% interest rate discount.
“We are honored to receive this generous grant from Virginia Housing,” said LaShawn Fortes, Community Economic Development Director at NRHA. “This grant not only acknowledges the importance of bridging the minority homeownership gap but also empowers us to take tangible steps toward achieving this goal.”
According to the Property Appraisal and Valuation Equity (PAVE) Interagency Task Force “More than 50 years since the Fair Housing Act’s passage, the racial wealth gap is wider than ever; in 2021, the black homeownership rate reached only 44%, while the white homeownership rate reached 74%.”
Source : Wavy