The Federal Reserve Bank of Minneapolis recently published an article showing Minnesota has one of the largest homeownership gaps in the country, with the gap widening over the past 70 years. In the article, the Minneapolis Fed states, “Despite one of the nation’s highest overall homeownership rates, Minnesota’s racial and ethnic homeownership gap—that is, the disparity between the White homeownership rate and the homeownership rate of households of color and Native American households—is the fourth-largest in the nation.”
A DFL bill heard this week would provide $10 million to Build Wealth MN to assist underserved communities of color gain access and education in financing to purchase a home. The proposal aims to close the homeownership gap in Minnesota by 15% in the next 5 to 7 years. (SF 3427)
