Las Vegas coalition aims to close Black homeownership gap
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Las Vegas coalition aims to close the Black homeownership gap. In 1970, 42 percent of Black households owned their own homes, while 65 percent owned homes for white people. By 2020, the gap will be 45 percent. The gap is similar in Las Vegas. The coalition is a public-private partnership backed by the tech real estate company Homie. It's aimed at helping 25,000 Black families into homeownerships over the next decade. There are many barriers to Black home ownership, such as lack of capital for down payment and closing costs, inadequate access to credit and poor credit history, insufficient financial literacy and knowledge about the home buying process.
Las Vegas coalition aims to close Black homeownership gap. The root causes of the problem are historical exclusion of people of color from government programs and the practice of refusing to insure mortgages or approve loans on homes in and near Black communities. Black real estate agents were kept out of National Realtors Association through policies that allowed for the exclusion based on race and sex. Las Vegas' Black population grew. White developers effectively relegated the Black community to one area west of railroad tracks. Tyler Perry, an assistant professor of African American and African Diaspora studies at UNLV, said.
Patton has worked in the real estate industry for close to 16 years. She experienced the barriers many of her clients face after her divorce. Homie, a realtor with a significant presence in Las Vegas, approached Patton about finding a way to help close the homeownership gap in that area. The Las Las Angeles Coalition to Make Homes Possible has the goal to get 25,000 Black families into homeownershood in Vegas over the next 10 years, which is a 10-year goal. It can take years to catch up on student loan payments or reach financial stability. It's also important to address the historic repression of Black communities.
