Saving for a down payment in Miami? A Black-owned bank is offering forgivable loans
Could more Black residents in Miami build generational wealth by owning their homes? A new program offered by the Black-owned OneUnited Bank is offering first-time homeowners forgivable loans of up to $50,000 to try to make that happen.
The bank's Lift Up Homeownership Program is meant to help first-time homebuyers who are Black, Latino, Native American, Asian or native Hawaiian/Pacific Islander make a down payment on a home.
'This is an opportunity for someone coming out of school,' said OneUnited CEO Teri Williams. 'As opposed to paying rent somewhere, you can buy a small condo. This could be a place for you to start building up home equity so that five years down the road you can buy something larger. This can make a huge difference in building generational wealth.'
Williams emphasized that the loan is forgivable once applicants live in their homes for five years, meaning borrowers will not have to pay back any of the loan if they stay for that amount of time. Funds from the program can be combined with funds from other first-time homeownership programs to better assist potential borrowers.
Owning a home in Miami, which has been called 'the epicenter of the housing crisis,' is not cheap. According to a 2024 study, just 44% percent of Black residents in Miami-Dade County own homes, compared to about 63% of white residents and 51% of Hispanic residents.
'Our homeownership rates are lower, especially in this market,' Williams said of Black homeownership in Miami. 'It's too darn high to buy a home.'
Beginning April 1, applicants can apply for funding online or by visiting OneUnited's Liberty City branch. They need to have already found a home they wish to purchase and be approved through OneUnited.
Qualified applicants also must not earn more than 120% of the area median income — about $95,400 for a household of one person or $108,960 for a household of two people. Applicants must complete a HUD-approved buyer education course and pay at least $1,000 toward the purchase of the home.
Once picked, program participants can also receive $1,500 to use toward closing costs.
The countless number of OneUnited customers who have reached out to Williams about getting loans for new homes over the years is what motivated her to launch the program.
'People reach out all the time,' she said. 'We said, 'We got to do something different in 2025.''
As the head of one of the most prominent Black-owned banks in America, Williams is adamant about residents participating in the program and wants to see more Black community members take advantage of it.
'When we talk with providers of these programs, they struggle to get Black community participation,' she said. 'That's what we're really trying to focus on.'
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