ECONOMY
Black Chamber of Commerce of New Mexico, Living Cities partner on down payment assistance program
The chamber is offering up to $10,000 to help local families buy a home and build generational wealth
Families commonly pass down jewelry, photographs and handwritten recipes 鈥� and for some, a home.
But nearly half of Albuquerque renters who struggle to make ends meet spend more than 30% of their income on rent, making it difficult to find the money to purchase a home, according to a from the city of Albuquerque.
A $200,000 Living Cities grant provided to the Black Chamber of Commerce of New Mexico is hoping to change that. The chamber said Thursday the funding will help provide up to $10,000 to prospective Albuquerque homebuyers through their down payment assistance program 鈥� a move aimed at making purchasing a home more accessible.
鈥淲e鈥檙e doing everything we can just to make sure that the Albuquerque community knows that there鈥檚 resources available to help them when they thought it was an impossibility,鈥� said Karla Causey, president and CEO of the Black Chamber of Commerce of New Mexico.
Living Cities, a New York City-based nonprofit organization focused on closing racial income and wealth gaps in U.S. urban areas, has partnered with the city and local nonprofits like the chamber for more than a decade to expand access to local financial opportunities.
In Albuquerque, lack of affordable homeownership is one of the 鈥渕ost pressing challenges that we see,鈥� Living Cities Senior Associate Miguel Algarin said. The median price for a single-family detached home was $387,500 in the Albuquerque metro area in June, according to the Greater Albuquerque Association of Realtors.
Chamber-funding recipients are required to attend home ownership counseling courses because the chamber wants them 鈥渢o have a home, but we also want them to keep the home after they get the home,鈥� Causey said.
Maintaining home ownership also allows people to pass down such assets to future generations, Living Cities Assistant Director Santiago Carrillo said, adding that it is 鈥渙ne of the most powerful opportunities families have to build wealth.鈥� But people often lack the proper information, connections and money required to make a down payment on a house, he said.
And for many, the obstacles people face in securing homeownership 鈥渉ave nothing to do with their potential,鈥� Joe Scantlebury, president and CEO of Living Cities, said in a statement.
To qualify, applicants鈥� households must be at or below 120% of the Albuquerque area median income, Causey said, which for a single person is just under $80,000, while a household of eight is about $145,000. Other eligibility requirements are on the chamber鈥檚 .
After applicants receive approval and the money goes to an escrow company, the money does not need to be repaid, Causey said.
But the current investment is just the beginning, Causey said. The chamber has made an appropriations request seeking federal funding to eventually expand the program statewide. She said reaching rural areas is important in helping people achieve the 鈥淎merican dream of owning a home.鈥�
鈥淭his investment allows us to provide Albuquerque residents with the resources and guidance they need to navigate the homebuying process with confidence,鈥� Causey said.
Keelin Fisher is a business reporter for the Journal. You can reach her at kfisher@abqjournal.com.
