For More Information
Carolyn Sunseri
(855) 740-8422
August 31, 2021
SACRAMENTO, CA – August 31, 2021 Golden State Finance Authority (GSFA) has launched a three-year education and outreach initiative designed to increase homeownership amongst minority groups in California. GSFA’s Build Minority Wealth through Homeownership is a comprehensive approach to provide greater access to financial literacy, expand homeownership among Black, Asian and other minority communities and in-turn help bridge the racial wealth gap that has plagued minorities for too long.

Minority homeownership rates fall far below those of White households as reported in 2021 data from the Census Bureau, with Black homeownership rates being the lowest. The homeownership rate overall stands at 63.5 percent. The rate among White households is 73.8 percent, Asian 59.6 percent, Hispanic 49.3 percent and African Americans 45.1 percent.

Real estate is a large factor in net worth. Even with a mortgage, owning a home contributes to net worth. According to data from the Federal Reserve's 2019 Survey of Consumer Finances, the median homeowner has a net worth 40 times the net worth of the typical individual who doesn't own a home. However, white households hold a significant wealth advantage over minorities, as seen in the huge historic gap in homeownership rates among races. The same survey from the Federal Reserve noted that the typical White household has eight times the wealth of the typical Black family.

GSFA will employ its expertise as a provider of affordable housing programs and its extensive network of lenders and realtors to expand homebuyer education about down payment assistance, with special emphasis on historically underserved Black communities. The campaign will also provide an educational video series on affordable housing, down payment assistance and financial literacy topics, regularly scheduled online homebuyer seminars and content showcasing success stories of minority homebuyers.

For more information about GSFA’s commitment to increase minority homeownership, contact Carolyn Sunseri at
Golden State Finance Authority (GSFA) is a California joint powers authority and a duly constituted public entity and agency. GSFA was established in 1993 by the Rural County Representatives of California (RCRC), a public service organization that champions policies on behalf of California’s rural counties. GSFA has distinguished itself as a leader in housing finance in California for more than 28 years, helping more than 82,800 individuals and families purchase a home. GSFA has provided over $626.5 million in down payment assistance and helped finance 33,500 energy efficiency improvement projects.
© 2021 Golden State Finance Authority. All rights reserved.

You are receiving this announcement as a subscriber of General News Bulletins from Golden State Finance Authority. If you wish to unsubscribe, please click the Unsubscribe link below.

Stay Connected
Call us toll-free
(855) 740-8422
Visit us at