DENVER — First-time Black and African American homebuyers in the Denver metro area can utilize up to $40,000 in down payment assistance through the newly created Dearfield Fund for Black Wealth. Since its soft launch in September 2021, the Dearfield Fund has provided down payment assistance to more than 40 homebuyers and plans to support another 500 homebuyers in the next five years.
Some of the most persistent racial inequalities in Colorado are not just gaps in income but gaps in wealth. Centuries of discrimination and exclusion have prevented Black families from acquiring and passing on wealth, and so the wealth gap between white and Black families with kids can be as large as 100 to 1. The most powerful tool to building and passing on wealth is homeownership.
“Despite the fact that many Black and African American families have the income and credit to qualify for a home mortgage, a great majority of qualified Black families do not buy a home because they lack the wealth needed for a down payment,” said Mike Johnston, President and CEO of Gary Community Ventures, which launched the Dearfield Fund. “The Dearfield Fund represents a first-of-its-kind solution to make sure that Black families who are ready to buy a home can get the down payment support they need to build intergenerational wealth.”