Home is where our wealth lives
By investing in homeownership and entrepreneurship we’re helping to decrease economic barriers and inequities and increase the number of families, particularly families of color, in the marketplace, in their homes and in their neighborhoods.
Homeownership is the biggest driver of generational wealth
Beginning in 1971, the war on drugs devastated communities of color, locking millions out of homeownership and setting entire communities behind their peers. The numbers are stark, according to the Black Home Initiative, only 26% of Black households in Seattle own their home, this is compared to 51% of white households. The lack of homeownership in Black and brown communities prevents equitable access to economic opportunities and generational wealth, making all our communities poorer. This is why Byrd Barr Place helped to create programs to invest in community utilizing Washington’s Community Reinvestment Project.
When families are able to buy homes and start businesses, the impact ripples through entire communities.
By supporting home ownership, we break the cycle of poverty
The war on drugs disrupted the economic trajectory of entire communities, especially Black communities. The Community Reinvestment Project helps break this cycle.
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A Black family receives downpayment support to purchase their first home through the CRP.
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They are then able to receive business capital thanks to owning their home.
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Through home and business, they accumulate—and pass down—generational wealth.
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That Black family is then able to provide downpayment support to their own children.
By increasing economic diversity, we increase the number of prosperous markets and overall wealth across Washington state
We’re creating a Prosperous Economy with a Multifaceted Approach
The Community Reinvestment Project invests in communities across the homeownership spectrum: by supporting first-time homebuyers, helping existing homeowners keep and increase the value of their homes, and providing business capital. Communities are welcomed into the economic marketplace and empowered with the resources they need to succeed.
The Community Reinvestment Project is organized into several streams of support.
Downpayment Assistance Loan
Through the Downpayment Assistance Loan, potential homebuyers are provided $50,000 if paired with another loan program, or $100,000 as a standalone loan to support their ability to make a downpayment. These loans are 0-interest, 0-payment loans that are fully forgivable after 10 years.
ADU/DADU Loans
ADU/DADUs (Accessory Dwelling Unit / Detached Accessory Dwelling Units) are smaller, self-contained residential units on the same property as a main house. They’re sometimes called “in-law apartments.” Critically, they offer additional multi-generational housing in an increasingly sparse market and allow homeowners to earn extra rental income on their properties.
Through the ADU/DADU loan program, homeowners are offered loans of up to $500,000 to support the construction of these units. These loans were 0-payment, 0-interest, and fully forgivable after 25 years.
Home Repair and Expansion Loans
In order to support families’ ability to repair and beautify their homes, increasing their value, current homeowners are offered 0-interest 0-payment loans of up to $50,000 to support home repair and expansion projects. These loans are fully forgivable after 5 years.
Property Tax Anti-Displacement Grants
Accrued property taxes are a huge driver of displacement, particularly among older residents. Through property tax anti-displacement grants, homeowners can receive grants of up to $5,000 to prevent the loss of property due to tax sale.
Business Capital Support
The cost of doing business in Seattle is high, and for many business owners of color, raising capital can be an uphill battle.
Through the Business Capital Support Loan Program, business owners are offered loans of up to $25,000 to pay off high interest debt, or expand their businesses. These loans are offered at a 4% interest rate with zero late fees or penalties.
Join Us
Byrd Barr Place and the Community Reinvestment Project understand that home is where our wealth lives, and that by investing in our neighborhoods we can create an equitable future for all Washingtonians.
We invite you to join us.
Planting Seeds and supporting families with Down Payment Assistance
“I know for a fact if I were to go to Tacoma or all them other places that they push us out to, I know I would get more bang for my buck. But my daughter and her well-being is my priority.” – Marissa Garrett
When Marissa began her homeownership journey 10 years ago, her biggest priority was ensuring that her daughter would be near a school with adequate resources to address her behavioral needs.
Preserving roots by growing generational wealth
“This has been my mission, to be able to say, ‘Grandpa, here’s your deed. You don’t owe nothing. I got you.’” – Myron Curry
Myron Curry is a lifelong Central District resident, artist and entrepreneur. Upon the end of a stint in federal prison, Myron emerged with one goal: save his 94 year old grandfather’s home.
Bearing Fruit with entrepreneurial loans: good business means good community
“The thing with food is, we break barriers. It’s like music — it’s one of those things that doesn’t have a color.” – Sean Sylve
The Community Reinvestment Project’s Business Capital Support grant helped Steve’s food truck, Po’Boys & Tings, weather a recent hard financial season by covering up front costs that kept the business on top of its game.
A thriving Seattle is built on prosperous communities — for All. Join us.
Homeownership and entrepreneurship are major drivers of generational wealth. For communities devastated by the war on drugs, these forces help to prevent cultural displacement and create inclusive thriving markets.
Byrd Barr Place and the Community Reinvestment Project understand that home is where our wealth lives, and that by investing in our neighborhoods we can create an equitable future for all Washingtonians.
We invite you to join us.
