On March 18th, Manna, the leader in affordable homeownership, announced its plan to back the proposed $10 million Black Homeowner Fund. The fund has been proposed by Washington Mayor Bowser. In a statement, the CEO of Mannar and Sasha-Gaye Angus praised the mayor's proposal to build a Black Homeownership Fund for the fiscal year 2023.
I applaud Mayor Bowser for taking this affirmative step in addressing racial economic equity through homeownership. The need for racial equity is well-known and documented. In 2014, first time Black homebuyers could afford just 9.3% of homes sold in the District, compared to the average White household which could afford 67% of these homes; but the gap is even wider today. Almost 75 mortgage-ready buyers are being seen at our Homeownership Center, yet they are challenged with finding affordable homes. Creation of this fund allows for greater partnership with the city in meeting its 12,000-unit affordable housing goals while taking steps to reverse the racial wealth gap in the District of Columbia.”
Sasha-Gaye Angus, CEO of Mannar
Manna’s consistent championing of such a fund has paid off. The organisation collaborated with the Washington Interfaith Network to Advocate for the Black Equity Through Home Ownership initiative.
Sasha Angus further added, “For forty years, Manna’s mission has focused on homeownership opportunities for low and moderate-income households. This mission is increasingly difficult in today’s DC real estate market, with prices through the roof. The Black Homeownership Fund means those creating and repairing affordable for-sale homes will be able to offer these properties that are affordable for the qualifying buyer.”