The Champlain Housing Trust announced a suite of initiatives and financing options to help Black, Indigenous and people of color (BIPOC) become homeowners through its signature shared equity program.
One notable component is $25,000 in down payment assistance designed as a 0% interest, forgivable loan after three years for buyers who are BIPOC. CHT, a licensed lender, has developed the loan as a Special Purpose Credit Program, and the result will make homeownership more accessible and will help buyers build equity faster. This program is likely one of the first of its kind in the nation.
“Today, when Black Vermonters are three times less likely to be a homeowner than white ones, we must take steps to reverse the all-too predictable results of systemic racism in this nation’s housing policy,” said Michael Monte, CEO of Champlain Housing Trust. “We are committed to taking a comprehensive approach to extending the benefits of homeownership to historically marginalized communities.”
The program is modeled in part after the Black Homeownership Collaborative, a national campaign to create three million net new Black homeowners by 2030. There are several interconnected components of the program, which has been funded with a $3 million gift over three years by New England Federal Credit Union.
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