#United States #Los Angeles #homeownership #OneUnited Bank #Lift Up Program

OneUnited Bank's New Initiative for First-Time Homebuyers

In a groundbreaking move to empower black and minority communities, OneUnited Bank, the largest Black-owned bank in America, has announced the launch of its Lift Up Homeownership Program. This innovative initiative coincides with the celebration of Martin Luther King Jr. Day on January 20, 2025, a day that holds significant historical importance for the civil rights movement and equality in America.

Aiming for Economic Equality

Homeownership remains a cornerstone of building generational wealth, yet it is often out of reach for many families, particularly those from marginalized backgrounds. OneUnited Bank's Lift Up Homeownership Program seeks to address this issue by providing monetary grants to eligible first-time homebuyers. The program offers up to $50,000 in down payment assistance on a first-come-first-serve basis. This is specifically targeted at individuals who identify as Black, American Indian/Alaska Native, Hispanic, Asian, or Native Hawaiian/Pacific Islander.

The initiative reflects OneUnited Bank's commitment to alleviating the barriers to homeownership faced by people of color, both historically and in the present day. Teri Williams, the President and Chief Operating Officer of OneUnited Bank, stated, "The cost of buying a starter home is too darn high. We hope our participation in down payment assistance programs will help bridge the gap that many first-time homebuyers experience in our communities."

Program Requirements

To qualify for the Lift Up Homeownership Program, applicants must meet specific requirements:

• - They cannot exceed 120% of the area's median income.
• - Completion of a HUD-approved homebuyer education course is mandatory.
• - A contribution of at least $1,000 towards the home's purchase price is required from the borrower.

Additionally, OneUnited Bank will offer assistance for appraisal, credit reports, and other lender fees totaling $1,500. This comprehensive support is aimed at ensuring that financial hurdles do not hinder the dream of homeownership.

Extending Services Across Regions

OneUnited Bank operates in key locations such as Boston, Los Angeles, Miami, and their surrounding areas. As an Equal Housing Lender, the bank encourages collaboration with other down payment assistance programs, creating a robust network aimed at fostering homeownership among underrepresented groups.

The availability of funds is set for April 1, 2025, and the bank urges potential homebuyers to act quickly as the grants will be distributed on a first-come, first-serve basis.

A Step Towards Rebuilding

This initiative is particularly timely as communities, especially in California, are still recovering from the aftermath of devastating wildfires. The funding provided through this program could serve not only to facilitate homeownership but also to help revitalize affected neighborhoods.

For aspiring homeowners who are eager to learn more about this initiative, detailed information and application processes can be found on OneUnited Bank’s official website at oneunited.com/firsthome.

In conclusion, OneUnited Bank's Lift Up Homeownership Program marks a significant stride towards improving access to homeownership for communities that have historically been marginalized. By empowering individuals with financial assistance and education, OneUnited Bank is laying the groundwork for a more equitable future for all.