March 1, 2022
A massive wealth gap is icing Black families out of Colorado’s housing market. One group says it has a fix.
The Dearfield Fund for Black Wealth plans to give a thousand $40,000 loans to Black families over the next 10 years.
Denverite: Kyle Harris
The wealth gap between white and Black families with kids can be as large as 100 to 1, according to Gary Community Ventures, a Denver-based philanthropic organization that serves metro area families. Part of the Gary Community Ventures mission is increasing Black homeownership in the area through pay-it-forward loans.
The median wealth of a Black family is $18,000, noted the philanthropy in a statement. For a white family, it’s $170,000. Gary Community Ventures attributes that massive wealth divide to generations of discrimination and inequality.
CEO and former State Rep. Mike Johnston said his organization has a fix through its Dearfield Fund for Black Wealth: raising money to give up to $40,000 to Black families in Colorado for a down payment on a home. At any point along the way or if they sell, families can pay back the loan, which will be reinvested into the program.
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