Commerce awards more than $29 million to address wealth disparities, promote homeownership and expand access to financial resources
New and established programs in communities statewide will provide important capital for grants and subsidized loans for individuals and small businesses
OLYMPIA, Wash. --- The Washington State Department of Commerce announced $29 million in grants to various by-and-for agencies across the state through the Community Reinvestment Project. These funds are intended to help individuals and families acquire and secure assets, such as homes and property, as part of a broader effort to support communities disproportionately affected by systemic racism during the war on drugs.
“The communities supported by this funding have long histories of experiencing harm from government-led services and supports,” said Commerce Director Mike Fong. “This funding is one way we’re working to ensure that they have equal opportunities in the future and we create a more equitable Washington for everyone.”
The funding prioritizes organizations that are by-and-for members of Black, Latine, and tribal communities. Data shows that these communities were disproportionately affected by the historic design and enforcement of U.S. state and federal criminal laws and penalties for drug possession.
“It is exciting to see the long overdue investment of funds in communities that have suffered under the disproportionate application of penalties in the war on drugs,” said Housing Division Assistant Director Corina Grigoras. “These projects will provide much-needed support for businesses to grow their services for greater impact in their communities, and provide additional, targeted funding for people pursuing homeownership. It is with great joy that Commerce is able to invest these much needed resources.”
Of the funding, $14.5 million will support eight existing and emerging Black, Latine, and tribal lending agencies, regardless of whether they are recognized as community development financial institutions (CDFIs). These grants will provide vital capital for lending, operations and salaries, enabling these agencies to better serve their communities.
An additional $14.5 million is being awarded to five lending agencies to support the Homeownership Capital Accelerator program. This program is designed to reduce homebuyers' monthly mortgage payments and increase their purchasing power by using tools such as second mortgages to eliminate the need for mortgage insurance. This significant investment aims to amplify the impact of homeownership opportunities.
Black, Latine and tribal-led Agency Support Awards
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Agency name
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Service area
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Award amount
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Central Area Collaborative
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King County
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$680,000
|
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Chehalis Tribal Loan Fund
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Chehalis Tribal Members and Grays Harbor County
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$1,000,000
|
|
Fourth Plain Forward
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Clark County
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$1,390,368
|
|
Tacoma Urban League
|
Pierce County
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$5,000,000
|
|
Denkyam, SPC
|
King, Pierce, and Snohomish counties
|
$4,441,307
|
|
Byrd Barr Place
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King, Pierce, Snohomish, Clark, Yakima, Spokane, and other counties as needed
|
$1,001,000
|
|
Foundation for Homeless
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Kitsap, Mason, and Pierce counties
|
$228,000
|
|
Take Up the Cause
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Spokane county
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$809,000
|
|
Total
|
|
$14,550,000
|
|
Agency name
|
Service area
|
Award amount
|
|
Centro Cultural Mexicano
|
King, Pierce, Snohomish, and other counties as needed
|
$3,000,000
|
|
Urban League of Seattle
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King County
|
$3,000,000
|
|
Byrd Barr Place
|
Clark, King, Pierce, Snohomish, Spokane and Yakima counties
|
$2,850,000
|
|
African American Leadership Forum
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Pierce and King counties
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$2,850,000
|
|
Homesight
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Statewide
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$2,850,000
|
|
Totals
|
|
$14,550,000
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Systemic racism continues to block communities of color from achieving their full potential. The CRP is designed to address the historic and systemic inequities that have disproportionately harmed communities in Washington, such as those affected by the war on drugs. By centering communities with the greatest disparities in program design and funding, CRP aims to reduce disparities in economic, legal, and safety outcomes, promoting equity across the state.
Learn more about the CRP on the Commerce website.
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