{"id":10599,"date":"2024-09-17T05:09:58","date_gmt":"2024-09-17T09:09:58","guid":{"rendered":"https:\/\/nationalfairhousing.org\/?post_type=issue&#038;p=10599"},"modified":"2025-08-12T15:04:26","modified_gmt":"2025-08-12T19:04:26","slug":"first-generation-homeownership","status":"publish","type":"issue","link":"https:\/\/nationalfairhousing.org\/issue\/first-generation-homeownership\/","title":{"rendered":"First Generation Homeownership"},"content":{"rendered":"\n<p class=\"content-wrap-item post__paragraph has-text-align-left\">Homeownership is the primary way that most families build wealth and achieve economic stability. But buying a home is an expensive proposition, and the upfront costs stand as a significant impediment, especially for those who cannot fall back on their families for help with a down payment and closing costs.<\/p>\n\n\n\n<p class=\"content-wrap-item post__paragraph\">For people of color, homeownership is especially elusive. For decades, federally-sanctioned discrimination in the housing finance system largely denied them access to homeownership and other wealth-building opportunities. As a result of this and other forms of long-standing institutional discrimination, Black and Hispanic families have less wealth and lower homeownership rates, and thus less ability to provide financial assistance to their children.<\/p>\n\n\n\n\n    <!--Content Block-->\n    <section class=\"bg-white pb-lg pt-lg\">\n        <div class=\"container-fluid\">\n            <div class=\"row justify-content-lg-center\">\n                <div class=\"col-lg-9 text-center icon-house-before\">\n                    <h1 class=\"heading-1 color-black\">\n                        <p>The numbers tell the story. The homeownership rate for Blacks under age 35 is below 20%\u2014less than half the rate for whites. The gap closes some over the life cycle, but even for those aged 35\u201354, the Black homeownership rate is just 50% compared to over 70% for whites. Overall, the gap\u2014more precisely, the chasm\u2014today is even higher than it was in 1968 when the Fair Housing Act was enacted.<\/p>\n                    <\/h1>\n                <\/div>\n            <\/div>\n        <\/div>\n    <\/section>\n\n\n\n\n<figure class=\"content-wrap-item post__image wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"792\" height=\"612\" src=\"https:\/\/nationalfairhousing.org\/wp-content\/uploads\/2024\/09\/First-Gen-Homeownership-Guide-Cover-03.jpg\" alt=\"\" class=\"wp-image-10602\" srcset=\"https:\/\/nationalfairhousing.org\/wp-content\/uploads\/2024\/09\/First-Gen-Homeownership-Guide-Cover-03.jpg 792w, https:\/\/nationalfairhousing.org\/wp-content\/uploads\/2024\/09\/First-Gen-Homeownership-Guide-Cover-03-300x232.jpg 300w, https:\/\/nationalfairhousing.org\/wp-content\/uploads\/2024\/09\/First-Gen-Homeownership-Guide-Cover-03-768x593.jpg 768w\" sizes=\"auto, (max-width: 792px) 100vw, 792px\" \/><\/figure>\n\n\n\n<p class=\"content-wrap-item post__paragraph\"><strong>NFHA has several resources for organizations, institutions and policymakers wanting to learn more about First Generation programs and initiatives:<\/strong><\/p>\n\n\n\n<p class=\"content-wrap-item post__paragraph\"><\/p>\n\n\n\n<p class=\"content-wrap-item post__paragraph\">NFHA Fact Sheet &#8211; <a href=\"https:\/\/nationalfairhousing.org\/wp-content\/uploads\/2024\/09\/First-Generation-DPA-vs.-Homeowner-Tax-Credit-DESIGNED.pdf\">First Generation Down Payment Assistance vs Homeowner Tax Credit<\/a>, <em>September 2024<\/em><\/p>\n\n\n\n<p class=\"content-wrap-item post__paragraph\"><a href=\"https:\/\/nationalfairhousing.org\/wp-content\/uploads\/2024\/09\/NFHA-Fact-Sheet-Downpayment-Toward-Equity-Act-July-24.pdf\">NFHA Fact Sheet &#8211; Downpayment Toward Equity Act. <em>July 2024<\/em><\/a><\/p>\n\n\n\n<p class=\"content-wrap-item post__paragraph\"><a href=\"https:\/\/nationalfairhousing.org\/wp-content\/uploads\/2024\/04\/First-Generation-Homeownership-Program-Guide-4.29.24-extended-TOC.pdf\">First Generation Foundations: A Guide to Advancing Equity with First Generation Homeownership Programs<\/a>. <em>April 2024<\/em><\/p>\n\n\n\n<p class=\"content-wrap-item post__paragraph\"><a href=\"https:\/\/nationalfairhousing.org\/wp-content\/uploads\/2022\/04\/First-Generation-for-GSE-Affordable-Programs-4-11.pdf\">Adding Eligibility for First Generation Homebuyers to the GSE Affordable Housing Programs. <em>April 2022<\/em><\/a><\/p>\n\n\n\n<p class=\"content-wrap-item post__paragraph\"><a href=\"https:\/\/nationalfairhousing.org\/wp-content\/uploads\/2021\/06\/crl-nfha-first-generation-jun21.pdf\">First Generation: Criteria for a Targeted Down Payment Assistance Program. A Proposal from the Center for Responsible Lending and the National Fair Housing Alliance. <em>May 2021<\/em><\/a><\/p>\n\n\n\n<p class=\"content-wrap-item post__paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Homeownership is the primary way that most families build wealth and achieve economic stability. But buying a home is an expensive proposition, and the upfront costs stand as a significant impediment, especially for those who cannot fall back on their families for help with a down payment and closing costs. For people of color, homeownership [&hellip;]<\/p>\n","protected":false},"featured_media":0,"template":"","meta":{"_acf_changed":false},"class_list":["post-10599","issue","type-issue","status-publish","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>First Generation Homeownership - NFHA<\/title>\n<meta name=\"description\" content=\"Homeownership is the primary way that most families build wealth and achieve economic stability. But buying a home is an expensive proposition, and the upfront costs stand as a significant impediment, especially for those who cannot fall back on their families for help with a down payment and closing costs. 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