From our Executive Director:
2023 was a year of growth in the housing sector. For the first time, we saw the State of Minnesota allocate over $1 billion of support to housing and homeownership in a single budget session. These funds enable us to expand our offerings for first-generation homebuyers significantly, as well as administer a non-interest-bearing, fee-based loan product that makes homeownership accessible to more families.
Changes like these greatly impact households of color in our community, and while the success feels overdue given the existent racial disparities in homeownership, we are excited and proud to do our part in closing that gap.
In many ways, the state grant awards reflect our program direction in 2023. Between this year and last, NeighborWorks Home Partners saw an 18 percent increase in numbers served. Of those 1,026 households, more than two-thirds are families of color and well over three-quarters are households with low-to-moderate income. The portion of BIPOC communities that we work with is steadily increasing, and we continue to shift programming to provide for them more effectively.
Last year was spent preparing our customers for the challenging market they were up against, and this year we saw many achieve their dreams of homeownership despite it. Through high interest rates, low housing inventory, and continued threats of foreclosure, we have been able to help 259 families buy a home while preserving homeownership for an additional 106 families. We hold tightly to these rays of hope, and look forward to the pursuit and fulfillment of our organization’s core mission: helping families buy, fix, and keep their homes.