CRP's Homeownership programs build stability for entire communities
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Across Washington, the need for housing is urgent — and access to homeownership isn’t equal. For many communities, the barriers aren’t about effort or ambition; they’re structural. That’s why the Community Reinvestment Plan Homeownership Capital Accelerator program is working to invest in both the families and the housing supply that makes homeownership possible.
“To understand the need for financial education and literacy — especially around Black homeownership in Spokane — you have to go back to 1968,” said Chauncey Jones, executive director of Take Up the Cause in Spokane, Washington. “A week after Dr. King was assassinated, the Fair Housing Act passed. Yet today, the homeownership rate among Black people in Spokane is at its lowest point since then.”
For decades, barriers to homeownership didn’t disappear. They evolved.
“Debt‑to‑income ratios remain one of the biggest obstacles for home ownership,” shared Jones. “Sometimes a difference of just $4,000 determines whether a family can buy a home.”
Through the Community Reinvestment Program, Commerce is investing an estimated $15 million to help more households — especially those historically excluded — move from renting to owning. A key part of that effort is culturally responsive financial coaching. But supporting families also means supporting the developers who build the homes.
“The CRP was instrumental in the creation of a land acquisition product that we paired with our Field Order 15 Fund,” said Darryl Smith, executive director of HomeSight. “CRP allowed us to help BIPOC developers create housing in the communities where the need is greatest. Land acquisition is the cornerstone of how you can get to construction financing.”
Meanwhile, homeownership creates ripple effects far beyond the front door.
“Many families struggle to send their children to college, start a business, or survive a catastrophic health emergency. These are all the things that wealth through homeownership can add to. It strengthens the state, the tax base, and local neighborhoods,” continued Smith. “It’s especially important for families who have had a late start in homeownership and building generational wealth.
“And that becomes the why,” continued Chauncey Jones. “Mindset shift is one thing, but being able to see the outcome — to be able to receive the keys, walk into a home for the first time after years of hard work and not believing it would happen to you — it is extraordinary. Being part of that moment is incredibly special.”
- The CRP Homeownership Capital Accelerator program is currently accepting grant applications for the 2025-2027 biennium. To learn more, visit Commerce’s website.
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