San Diego (KGTV)- With home rental prices on the rise, a new program is working to make it easier for Black families to purchase a new home in San Diego County. The program is offering thousands of dollars to help with down payment and closing costs.
According to the UT, the median home price in the San Diego market reached up to $750,000 this summer. Local leaders say opportunities to purchase are even harder for black families.
"31 percent of black families in San Diego own their own home versus 65 of white families, that's unacceptable. It's always been unacceptable," says Ricardo Flores with LISC San Diego.
Saturday morning, local agencies joined forces to announce the launch of the San Diego Black Homebuyer Program. It will be operated through The Urban League of San Diego County. The goal is to provide stability for families around the county.
"Nowadays, if you own a home, you have rent control," says Flores. "Your rent isn't going up once a year. You have stability. That's important in this world we're living in now where rent escalation continues."
The San Diego Foundation pledged $1 million for the program. LISC San Diego offered $250,000, and the county adding another $50,000.
Black homebuyers may receive up to $70,000 in grants for down payments and closing costs.
"All we're saying here is if that bridge is just the down payment, but you qualify for that mortgage, we want to help you."
To qualify, you must be a black first-time homebuyer living in San Diego county and qualify for a loan to purchase a home. The Urban League of San Diego County will offer training to homeowners.
"That's all to ensure when the urban league has a mortgage for a family, that family can actually stay in that house, live in that house, and actually qualify. We don't want to set ppl up for failure either."
You can reach out to the Urban League of San Diego County for those interested in the program.