New program will give Black families in Mississauga and Brampton greater access to home ownership
Published October 14, 2021 at 2:14 pm
Peel Regional Council has partnered with BlackNorth to bring homeownership within reach for Black and racialized families in Mississauga and Brampton who earn between $65,000 to $70,000 a year.
BlackNorth, which works to end anti-Black systemic racism in Canada, said the program would help racialized lower-income families move away from a dependence on rental properties by combining government grants and donations with a traditional mortgage.
The Region said it is providing a one-time grant of $2.5 million to BlackNorth to support Home Ownership Bridge Program. Through this grant, 50 eligible Peel households will have the opportunity for home ownership.
Speaking to Regional Council on Thursday, Housing Committee Chair Isaac Olowolafe said the program would assist families with lower household incomes secure a second mortgage through a “consolidated capital stack” made up of funds from all orders of government.
Applicants would still need to secure a first mortgage for a home through a lending institution, but the additional program found would help aspiring Black homeowner “bridge the income and wealth gap,” Olowolafe said.
Regional Council has already stepped up to commit $50,000 per unit to the program. Olowolafe said the Initiative will be meeting with the province later this month, and has made “significant progress” with federal partners.
Mwarigha, vice president of housing and homelessness service at WoodGreen, told council the program could help Black homeowners accrue “about $700,000 in equity” and “create something that’s sustainable.”
Founded in June 2020 by Bay Street broker Wes Hall following the murder of George Floyd in Minneapolis last year, BlackNorth is committed to bring meaningful change in organizations and end anti-Black systemic racism.
In a release, the Region said 131,000 Peel residents identify as Black, representing 15.3% of the total visible minority population in Peel.
In May, Peel Council was the first municipality to take the BlackNorth Initiative pledge and joined the ranks of more than 500 signees committed to ending anti-Black racism in Canada.
insauga's Editorial Standards and Policies