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"For black people, there is a double standard," Monica Montgomery Steppe says. "We, as a city and as a nation, are facing it for what it is."
The San Diego Housing Commission on Wednesday announced a $7.5 million grant from Wells Fargo to help people of color buy homes, the San Diego Union-Tribune reports.
"We want you here because diversity is the strength of this city and home ownership is the power that helps provide the stability the city needs to move forward," said Mayor Todd Gloria at the announcement.
The Wells Fargo Wealth Opportunity Resorted Though Homeownership or WORTH initiative, a $60 million national effort to address systematic barriers to homeownership for people of color, aims to help 40,000 new homeowners of color nationwide by the end of 2025.
"There are systemic barriers to closing the racial wealth gap," Wesley Brooks, Home Ownership Lead at Wells Fargo, tells the Union-Tribune.
"When we heard from the housing commission in-depth detailed knowledge of what some of the barriers were, and comprehensive strategies of how they were going to address those barriers, it became a no-brainer to fund that."
A San Diego Housing Commission Urban Institute study found that black families own just 29% of homes in the city, while Latino families own 35% and white families own 55%.
Selected Grant News Headlines
A customized collection of grant news from foundations and the federal government from around the Web.
Haril Kazindra and wife Andrea are the co-founders of Musana, a community development NGO that runs 19 social enterprises across Uganda.Musana has offices in Denver and London and employs 700 staff,...more
Foundation: Lilly Endowment
All In Kosciusko exists to promote and accelerate the economic and community development already happening across the county.Concerns about economic diversification, talent retention and quality of...more
The Bill Gatton Foundation supports K-12 and higher education, health, and community development in Kentucky, Upper East Tennessee, and Southwest Virginia.Large education grants include $13.5 million...more
Local organizations win $9 million for new affordable housing, social services.Connecticut's Community Investment Fund grants come amid a deluge of cuts to federal funding.The fund was established in...more
Foundation: Parasol Tahoe Community Foundation
Parasol Tahoe Community Foundation has proudly supported Bread & Broth for the past 10 years.In 2024, the Community Foundation was able to introduce the mission of Bread and Broth to a donor who is...more
Foundation: Latino Community Foundation
Latino Community Foundation Awards $3.88M in Grants Across California and Nevada.NewsBreak: Latino Community Foundation awards $3,000,000 in grants across California andNevada.Newsbreak: $1.5 million...more
Alejandro Betancourt Lopez rejects traditional corporate social responsibility models that separate business operations from community impact.Rather than limiting community engagement to corporate...more
Thoughtful giving isn't just about making a donation, it's about creating meaningful impact.Community foundations exist to connect generosity with need, ensuring that charitable giving is both...more
Kareem Thomas most recently served as Chief Credit and Lending Administration Officer at Reinvestment Fund.Bhavani Daryanani has more than 20 years of experience in the sector, bringing deep...more
SECU Foundation has been named a recipient of the 2024 Carolinas Credit Union Foundation Hero Award for Partner in Philanthropy.The SECU Foundation promotes local community development in North...more
Community Building News from...
Wells Fargo Foundation
New Hampshire Charitable Foundation
Community Foundation of Southeast Kansas
Dallas Foundation
Oak Park-River Forest Community Foundation
Greater Washington Community Foundation
Rhode Island Foundation
Community Foundation for Greater Atlanta
California Community Foundation
Arizona Community Foundation
Social Entrepreneurship
Spotlight
When it Comes to Social Enterprises, Failure is the Best Platform for Innovation
In the world of social enterprises, failure is a cringe-worthy moment nobody wants to talk about. But, social entrepreneurs can benefit from their failures.
