ST. LOUIS — St. Louis is among 11 regions where Minneapolis-based U.S. Bank has launched a $100 million, five-year program to help more minority individuals and families overcome obstacles to home buying.
The program rolled out last month offers up to $12,500 in down payment assistance and up to $5,000 in lender credits to qualified buyers, with alternative credit history considered for buyers who don’t have a credit score or have a low one, said Tom Wind, U.S. Bank’s executive vice president, consumer lending. Wind is based in St. Louis.
“It’s aimed at trying to close that racial homeownership gap that has been out there forever,” he said.
Nationally, the gap in homeownership rates between whites (72.7%) and Blacks (44%) is at its highest in a decade at 29 percent, according to the National Association of Realtors. The rate of homeownership among Hispanics (50.6 %) and Asian Americans (62.8%) also falls below the white homeownership rate.
Click here to read the full story from the St. Louis Business Journal.
