URBAN LEAGUE OF HAMPTON ROADS RECEIVES $2.5 MILLION SPARC GRANT FROM VIRGINIA HOUSING
Grant will support efforts to address racial wealth disparity by providing equitable, affordable financing for first-time homebuyers

Norfolk, Va. (September 21, 2021) – The Urban League of Hampton Roads, Inc. is proud to announce $2.5 million in reservations for the Virginia Housing Department Association’s (VHDA) Sponsoring Partnerships and Revitalizing Communities (SPARC) program. This program provides below market rate first mortgage financing to eligible First-Time Homebuyers.

“We are excited to serve as valued community partners with Virginia Housing to help members of the Hampton Roads community become First-Time Homebuyers,” said Gil Bland, President and CEO of the Urban League of Hampton Roads. “Homeownership is a foundational step for families to build wealth. The SPARC funds will support the Urban League’s continued efforts to close the racial wealth gap in homeownership that exists among Black families and others in underserved sectors of our community. By addressing the significant barriers to affordable housing and mortgage approvals, we can increase the homeownership rate and stimulate wealth creation for the Black and minority communities,” continued Bland.

Data from the 2019 Survey of Consumer Finances show the substantial wealth disparities between families in different racial and ethnic groups. The average White family has eight times the wealth of an average Black family. According to the U.S. Census Bureau, the homeownership rate for Black Americans is approximately 42%, compared to 73% White homeownership. While these figures mirror the homeownership rate in the state of Virginia Statewide, it also shows that Black families were three times more likely than Whites to be turned down for a mortgage loan. The gap was striking in many localities. In Halifax County, for example, the denial rate was 27% for Blacks and 4% for non-Hispanic Whites.

Buyers purchasing in Hampton Roads have an opportunity to reduce their interest rate by 1% when meeting the VHDA criteria for this program.  The loan term must be 30 years. The income criteria for VHDA can be found at www.vhda.com/Homebuyers/VHDAHomeLoans/Pages/IncomeSalesPriceLoanLimits.aspx

“For more than ten years, we have offered a First-Time Home Buyers program to educate the community about the home buying process through workshops with realtors, lenders, along with financial counseling,” said Oneida Jeffries Cary, a HUD-Certified Housing Counselor with the Urban League of Hampton Roads. “Having a partner like Virginia Housing provide equitable financing opportunities through reduced mortgages to our qualified clients is a win-win for us all.”

The SPARC grant award period is from July 1, 2021 to June 30, 2022. For more information, visit ulhr.org.

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The Urban League of Hampton Roads

The mission of the Urban League of Hampton Roads, Inc. is to enable African Americans and others to secure economic self-reliance, parity and power and civil rights. The Urban League implements its mission by providing services and programs in education, employment, health, and housing to Hampton Roads communities through direct services, advocacy, research, policy analysis, community mobilization and collaboration throughout communities.