The City of Albuquerque is addressing the challenges the Black community faces in buying a new home with a national incentive program called Operation Accelerator.
The program will fund down payments and closing costs as well as credit repair classes. It will also provide connections to realtors in the Black community.
Albuquerque’s Office of Equity and Inclusion reports that only 36% of the Black community between the ages of 18 and 35 own homes. The City wants to close that racial wealth gap and increase Black ownership by 5% in 2023.
“There has been such a lack of Black homeownership we just need to get into the game,” Ahdohny Routheni, a real estate broker in Albuquerque, told KOB 4 this week.
High interest rates and a competitive housing market have made it difficult to purchase a home, especially for marginalized communities.
“If we do nothing between now and 2040, we are only going to add 2,280 which is only like 100 or so a year compared to 60,000 new homeowners in 2040 for the Hispanic community,” Nichole Rogers, the City of Albuquerque’s Office of Black Community Engagement liaison, told KOB 4.
Data also shows that of black people who do not own homes, only 13% are financially ready for homeownership.
“When I purchased my home five years ago, there was a racial covenant in my deed,” Rogers said. “My home was built it in the 1960s. We aren’t even talking about 100’s of years ago, it said they could not sell the home to me as a Black woman.”
Routheni is one of the few Black realtors in Albuquerque.
“How can you say you really want to address the Black homeownership gap if you don’t have a Black home inspector, Black lender we also need to circulate funds because when Black people circulate their economics, we all win,” he said.
With a coordinated effort, Routheni is optimistic the city can reach its goal of adding 41 Black homeowners this year.
“Oh easily!” he said. “Albuquerque or let’s say New Mexico should strive to be the first state that doesn’t have a Black homeownership gap.”
Those interested in the program can contact the Office of Equity and Inclusion. Program participants will be chosen in June.