Denver Launches New Program To Help Build ‘Generational Wealth’ Through Homeownership

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DENVER (CBS4)– Denver is leveling the playing field when it comes to building generational wealth through homeownership. Twenty days ago, the city launched a new program to give descendants of people who lived in redlined neighborhoods, help with mortgage down payments.

(credit: CBS)

The city has received 28 applications and approved 17 of them. That includes Dontral Starks, a father of five whose family is currently living in a three-bedroom house.

The director of the program said it’s about righting wrongs.

(credit: CBS)

“I am proud of the Metro DPA (Down Payment Assistance) program because it’s going to give me the opportunity to get the down payment for a new house and that will in turn help me to build generational wealth,” said Starks.

“Really acknowledge that redlining, in particular, had a really big impact on that because it was racially-based harm,” said Britta Fisher with the Denver Dept. of Housing Stability.

Redlining is defined as a discriminatory practice in which services, like mortgages or insurance, are withheld from potential customers who reside in neighborhoods classified as liabilities for investment. In the U.S. those neighborhoods have a large population of racial and ethnic minorities as well as low-income residents.

The program is available to households earning up to $150,000 with descendants who lived in those redlined neighborhoods from 1938 until 2000.

LINK: MetroDPA

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