Homeownership is one of the most important ways to build generational wealth, yet Black and Hispanic homeownership rates are about 30 percentage points lower than those of white households in the United States, according to the US Department of the Treasury. The gap is often wider in underserved communities, particularly in the South.
Uplift Bank, previously known as Southern Bancorp, a community development bank serving Arkansas and Mississippi, set out to close it. Its affiliate, Uplift Capital Partners, a community development financial institution (CDFI), launched the Wealth Builders for Everyone Down Payment Assistance Program in 2024, together with the bank’s mortgage division. It supports minority and low-to-moderate income homebuyers, and other underserved communities, who are often held back by the cost of a down payment.
The programme offers up to USD 12,000 as a forgivable loan for down payments, prepaid costs and closing costs. There is no interest and no monthly payment, and 20 per cent of the loan is forgiven each year, so it is fully forgiven after five years if the criteria are met. Buyers also receive HUD-approved homebuyer education from the organisation’s HUD-certified housing counsellors.
“Owning a home is one of the most important ways to build generational wealth and break cycles of poverty,” says Kenya Gordon-Davenport, Interim President of Uplift Capital Partners.
Combining funding with education, the programme turns access to a home into long-term financial security.
