“Denver’s long history of redlining, through racist zoning and loaning practices, iced out Black, Indigenous and people of color from homeownership for most of the 20th Century.
Now the city’s Department of Housing Stability (HOST), is trying to undo some of the damage through a new housing program that will offer forgivable homebuying loans to qualifying families. Those loans can be used to pay for down payments or closing costs.
The goal, according to HOST, is to combat gentrification and create racial equity in the homebuying process.
“We’re focused on leveling the playing field for homeownership opportunities among all of our communities in Denver,” Mayor Michael Hancock said in a statement.
The metroDPA Social Equity program will offer $15,000 or $25,000 to residents or people whose immediate family members lived in Denver neighborhoods that were redlined between 1938 and 2000. The money, from the established metroDPA program, comes in the form of an interest-free, three-year forgivable loan, and it can be used to pay for either a down payment or closing costs in one of 45 Front Range cities, including Denver, Thornton, Aurora, Wheat Ridge and more.”
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Harris, Kyle. Denverite 21 April 2022.