The Williams family, beneficiaries of the Dearfield Fund for Black Wealth, in front of their new Aurora home. (Tatiana Flowers, The Colorado Sun)
A Bit of Positive News
For most Americans, homeownership is key to accumulating wealth, both for themselves and to pass on to their families. But decades of discriminatory banking and housing policies explicitly excluded Black Americans from creating this kind of intergenerational wealth. The effects of these policies are still apparent. In Colorado, Black Coloradans are 62% less likely to own a home compared to white Coloradans. Without the backing of accrued wealth for a down payment, Black families with the credit and income to afford a home still find themselves unable to purchase property. The Dearfield Fund for Black Wealth hopes to bridge the gap by providing $40,000 in down payment assistance for at least 500 families in the Denver Metro area over the next 10 years. Their unique work serves as a call to action for more organizations to invest in Black families.