Title
Special Recognition - Proclamation Recognizing the City of Olympia Joining the Black Home Initiative
Recommended Action
Committee Recommendation:
Not referred to a committee.
City Manager Recommendation:
Proclaim February 11 as Black Home Initiative and Homeownership Equity Day.
Report
Issue:
Whether to proclaim February 11 as Black Home Initiative and Homeownership Equity Day.
Staff Contact:
Christa Lenssen, Senior Housing Program Specialist, Community Planning & Economic Development, 360.570.3762
Presenter(s):
Corey Orvold, BHI Core Leadership Team
Background and Analysis:
The Black Home Initiative (BHI) began its efforts in 2021 with a geographic focus on South Seattle, South King County, and North Pierce County. Their 5-year goal is to support 1,500 Black low-to-moderate income households in purchasing their first home. At this time, there are over 100 entities who have signed a partner pledge to participate in the BHI network. The network is comprised of many different stakeholders, including nonprofit organizations, housing developers, lenders and other financial institutions, state agencies and local jurisdictions, real estate professionals, real estate groups like Zillow, philanthropic organizations, and others.
The BHI utilizes an impact network model, where there is not one organization leading the effort, but a multisector collaborative effort to work on many facets of the issue, such as policy formation, homeowner education and support, and lending policies. The BHI is convened by Civic Commons, a non-profit furthering civic leadership by bringing together existing networks and evolving decision-making structures to drive cross-sector collaboration.
The City of Olympia has joined Thurston County partners in the nonprofit and government sectors, real estate groups and financial institutions, to join the work of the Black Home Initiative. Olympia has signed the BHI partner pledge and will commit to supporting BHI’s efforts to increase Black homeownership in Olympia and Thurston County.
The City of Olympia wishes to celebrate the achievements of the Black Home Initiative, make a formal commitment to participate in BHI’s efforts, challenge us and our community to learn about historical and ongoing disparities in homeownership as well as participate in efforts to address those disparities.
Climate Analysis:
This is not expected to impact carbon emissions.
Equity Analysis:
The goal of this recognition is to celebrate progress of the Black Home Initiative and celebrate the partnership of the City of Olympia with BHI, while acknowledging the historical and ongoing racism that has restricted Black households from accessing homeownership and wealth-building opportunities.
According to data provided by the Black Home Initiative, approximately 42% of Black households in Washington State have zero net worth, compared to 14% of white households. Black households in Thurston County have the lowest rate of homeownership of any racial or ethnic group. According to American Community Survey (ACS) 5-Year Estimates for 2019-2023, the homeownership rate in Thurston County for white, non-Hispanic households is 70%, while the homeownership rate for Black households is 51%. ACS 2019-2023 estimates indicate this disparity is higher in the City of Olympia, where the homeownership rate for Black households is 34% (note that due to small population/sample size, there is a higher margin of error for Olympia-specific data estimates).
The City will participate in efforts to increase the number of new Black low to moderate income homeowners through the Black Home Initiative and regional collaboration. These efforts will benefit current and future generations of Black residents by helping to close racial wealth gaps and provide long-term housing stability for cost-burdened households.
Financial Impact:
There is no financial impact related to this special recognition.
Options:
1. Proclaim February 11 as Black Home Initiative and Homeownership Equity Day.
2. Recognize Black Home Initiative and Homeownership Equity Day at another time.
3. Do not recognize Black Home Initiative and Homeownership Equity Day.
Attachments:
Proclamation