When Bridgette Blount’s first grandchild was born in 2020, she decided it was time to shift from renting to owning a home. With rising rent costs and a desire to provide a space for her grandchild to thrive, she utilized down payment assistance programs to purchase a townhouse in Blaine, Minnesota, within her budget. Blount’s monthly mortgage payments are now lower than her previous rent expenses.
At 57, Blount took advantage of Twin Cities Habitat for Humanity’s homeownership program and the Advancing Black Homeownership Program, tailored for Black Americans. This enabled her to buy a home in an area she felt comfortable in as a single Black woman.
The National Association of Realtors reported a typical 8% down payment for first-time homebuyers in 2023, the highest since 1997. Down payment assistance programs, like the one Blount utilized, aim to bridge the gap for aspiring homeowners facing financial obstacles.
Vice President Kamala Harris has proposed a $25,000 down payment assistance plan for first-time buyers, emphasizing the importance of tackling the housing crisis from multiple angles. While some express concerns about affordability and supply shortages, programs like Habitat for Humanity strive to create sustainable homeownership opportunities while addressing community needs.