1000 Families of Color, Inc. formed in 2021 as a local nonprofit. This is a 3-year pilot program envisioned by local Realtors who desire to see more families become homeowners. By serving as CONNECTORS to the many educational opportunities and financial resources available within our community we will mastermind with local Realtors, Lenders, Churches, Nonprofits and other Professional Service Providers to help to address the expanding wealth gap in our communities.
According to the 2021 State of Housing in Black America study conducted by the National Association of Real Estate Brokers and the 2021 Snapshot of Race and Home Buying in America conducted by the National Association of Realtors:
According to the Federal Reserve the net worth of a homeowner was 40 times higher than that of a renter. Homeowners $255K while a renter’s was $6.3K as of 2019.
There are sizable differences in homeownership rates across racial groups, with minority families lagging well behind the national average. As homeownership contributes to wealth accumulation this impacts family net worth. In the US a typical White family has an average net worth 8 times greater than that of a Black family. $188K to $24K in 2019.
Owning a home is associated with better educational performance in children, higher participation in civic and volunteer activity, better health care outcomes, and lower crime rates in communities.
Anyone who lives in Kent, Ottawa, and Muskegon counties can participate and register for the program through one of our designated pilot program REALTORS. There is a wealth building/financial literacy track, a home buying track, and a career opportunities track.
You will receive up-to-date information about the housing industry, understand what to expect from the home buying or selling process, and learn strategies to build wealth.
There is currently no charge to participate in the program.
We ask that you complete at least three of the courses of your choosing offered by any participating agency.
Project Green is currently the fiduciary for 1000 Families of Color. We received our 501 (c)3 status in February 2022.
Our mission is to proactively offer financial education and other resources to reduce the significant wealth gap that exists in marginalized communities by improving financial well-being and increasing homeownership rates.