There are a few key barriers that prevent families from becoming homeowners:

• Inadequate supply of affordable housing

• Lack of capital for down payment and closing costs

• Inability to access credit products and poor credit history

• Lack of understanding and education about the homebuying process

• Local regulatory requirements that make affordable housing difficult

 

While much work has been done in this area, the barriers remain largely unchanged over the past 20 years. We must continue to work to increase homeownership as a key strategy to combat historic housing policies that have precluded minority, low-income, and moderate-income communities from purchasing a home.

 

The good news is that we have the tools available to provide equitable homeownership opportunities for all people: 

• Prioritize and expand funding for existing affordable housing programs and advocate for creative opportunities to fund the creation of new housing

• Expand access to housing counseling and education so that homebuyers understand the process, and access credit products, and are financially prepared to be successful homeowners

• Connect homebuyers to down payment and closing cost assistance products that enable them to get their foot into the door of homeownership

• Influence the leaders of our local governments to review and revise local regulations to remove unnecessary barriers to building housing and to promote the creation of unique and more affordable housing options

 

The economic impacts of COVID-19 and the current inflationary environment have made homeownership more difficult than it has been in a generation. The impact has disproportionately landed on minority, low-income, and moderate-income households. Information is one of the most powerful tools we have to help expand homeownership in Des Moines and the materials contained in this resource guide are a great way to take the first step towards achieving housing stability.

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Written by Tony Montgomery, former director of HOME Inc.