ABOUT US
The Black Wealth Builders (BWB) Fund was launched in 2021 by Arlington Community Church, United Church of Christ, in Kensington, California. The idea for the fund grew out of a series of anti-racism discussions launched after the murder of George Floyd in 2020.
“Our discussions were valuable, but we wanted to actually do something to help repair the racism we could see all around us,“ according to Susan Russell, co-founder of the fund. Russell and co-founder Barry Cammer began to talk with community leaders about their ideas. Very quickly, one issue rose to the top: homeownership.
For most Americans, a home is their major source of wealth. A home appreciates over time and can be passed down to the next generation. But because of segregation, redlining, adverse mortgage terms, and loan application rejection, the Black community has been shut out from this major wealth-building tool.
“We saw that addressing Black homeownership would be a way to make long-lasting, systemic change in how Black communities can build wealth and pass it along to their heirs,” says Cammer. This has become our mission.
Co-founders Barry Cammer and Susan Russell
HOW IT WORKS
A major barrier to homeownership, especially in the high-priced San Francisco Bay Area, is a lack of a down payment. This is especially true for Black homebuyers, who may have good incomes but no access to the additional capital they need for a down payment.
THE BWB FUND
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Creates a zero-percent, interest-free loan fund, to be paid back only when the property is refinance or sold;
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Works through local organizations to identify potential Black homebuyers who are on the journey to homeownership but who lack a down payment.
Because BWB is a loan fund, money from home refinance or sale flows back into the fund, ready to assist other homebuyers.
The BWB fund is housed at, and administered by the Richmond Community Foundation (RCF Connects) through a donor-advised fund. This foundation has an outstanding track record for funding housing projects in the East Bay. RCF services the loans and works to attract funding.