A new effort to help more African Americans in New York City become homeowners was launched last week with the support of a $7.5 million grant from the Wells Fargo Foundation. The grant was awarded to a new collaborative led by Local Initiatives Support Corporation (LISC) NY, in partnership with Center for NYC Neighborhoods and Neighborhood Housing Services of New York City (NHSNYC).
The donation comes from Wells Fargo’s Wealth Opportunity Restored Through Homeownership (WORTH) initiative, a $60 million national effort to address systemic barriers to homeownership for African Americans. New York City is one of eight markets across the U.S. to receive a WORTH grant, which aims to help create 5,000 new homeowners of color across the city by the end of 2025.
The announcement took place during NHSNYC’s Homeownership Expo at the TWU Counseling Center, where participants learned about the homeownership process, how to find and secure mortgages, and how to navigate down payments and closing costs.