INCREASING RACIAL EQUITY IN HOMEOWNERSHIP 

INTRODUCING WGEL, FOR FIRST TIME SOMA HOMEBUYERS

Dear SOMA Real Estate Professional,

 As real estate professionals, you are all aware of the systemic barriers that have historically prevented and /or limited many individuals of color from achieving homeownership. The South Orange/Maplewood Community Coalition on Race is committed to creating equitable solutions that empower underserved homebuyers of color to close the homeownership gap.

With this in mind, the Community Coalition’s Residential Committee is excited to introduce you to the Wealth Gap Equalizer Loan, a new, unique financing solution designed specifically to help qualified Black and non-white Hispanic applicants overcome common barriers to homeownership in SOMA.

We believe that this program can make a significant difference in increasing access, thereby strengthening our communities, and continuing to promote economic mobility and diversity across SOMA. We are inviting you to join us for a brief presentation on Tuesday May 2nd, at 10:30am-12pm at the Ethical Culture Society Building at 516 Prospect Street in Maplewood, where we will introduce WGEL, and provide more information about its benefits and requirements. Coffee and light refreshments will be served! Thank you for your time and consideration, and we look forward to seeing you! 

Sincerely, Nancy Dougherty and Moya Titus, Co-chairs Residential Committee

Please RSVP by April 26 (extended) to confirm your attendance. If you have any questions or concerns, please feel free to contact: Audrey.rowe@communitycoalitiononrace.org

--

Audrey Rowe, Program Director

South Orange/Maplewood Community Coalition on Race

516 Prospect St., Maplewood NJ 07040

PHONE:  973-761-6116        FAX:  973-761-1507

www.communitycoalitiononrace.org


 

Introducing the Wealth Gap Equalizer Loan


Financial support for Black and non-White Hispanic prospective homebuyers in South orange and Maplewood.

We know that the home-buying process can be daunting. It can be uncomfortable and even unfair, but with the Wealth Gap Equalizer Loan (WGEL), our community is working to make buying a home in South Orange and Maplewood (SOMA) more attainable for our Black and non-White HIspanic neighbors.


What is the Wealth Gap Equalizer Loan (WGEL)?


The WGEL program is a Special Purpose loan intended to narrow the racial wealth and homeownership gap by making home-buying more attainable for Black and non-White Hispanic families in the South Orange and Maplewood communities. The program offers unsecured, no-interest loans that will provide ready cash for Black and non-White Hispanic families to successfully compete in the home-buying process, including supplemental cash for purchase offers, down payments, closing costs, legal fees, and other transactions related to home buying.



WHO CAN APPLY FOR THE WGEL PROGRAM?


Individuals applying for the WGEL program must be:

• Black or non-White Hispanic

• A First-time Home Buyer (FTHB)

• Purchasing a South Orange or Maplewood property as primary residence*

• In possession of a Mortgage Pre-Approval Letter



WHAT ARE THE TERMS OF THE LOAN?


WGEL offers qualifying participants an interest-free, unsecured loan of up to $7,500. The funds are non-transferable and must be repaid in 5 years or less. There are no penalties for early repayment. Borrowers are not required to leverage any assets. Up to 50% of the loan is eligible for loan forgiveness after 5 years of residency for purchases made in South Orange.



With all this talk about the racial wealth gap, why is SOMA right for my family?


The racial wealth gap is a nationwide, long-standing equity issue for Black and non- White Hispanic people. In New Jersey, the wealth gap exceeds the national average, making it even harder for these households to build generational wealth. Without intentional action, this inequity won’t soon end.


The good news is that South Orange and Maplewood are two towns that are taking action to address all kinds of racial inequities. With initiatives like the Wealth Gap Equalizer Loan, the Coalition on Race strives to preserve residential racial integration, as well as to establish policies and practices that make our towns uniquely welcoming and more supportive for all.



WE KNOW WHAT YOU’RE THINKING...

  • “Can we really afford to buy a home in SOMA?”

  •  “Can we even get a mortgage with our current credit score?”

  • “Will SOMA truly embrace my Black family?”


If these are questions you’ve asked yourself, then you’re exactly who we have in mind. We encourage you to visit our website at ChooseSOMA.com/WGEL


HOW CAN I APPLY?

Scan the QR code to view and complete or download the application packet. For more information about WGEL, visit ChooseSOMA.com/WGEL and apply for the loan. 


To apply for the WGEL program, applicants must:

  • Meet all of the application qualifications

  • Complete a HUD-Approved First Time Home Buyer program

  • Complete the WGEL application packet on the ChooseSOMA website

  • Take part in a brief interview at closing


WHAT DOES THE APPLICATION PROCESS LOOK LIKE?


The WGEL application process is designed to move quickly so that you can stay competitive in the housing market. On average, applicants should expect to receive a decision on their application within 7 business days. Once fully approved, the funds are distributed directly by the Community Coalition on Race.



I WANT TO KNOW MORE ABOUT THE COMMUNITY COALITION ON RACE.


The South Orange-Maplewood Community Coalition on Race is a nationally recognized non-profit focused on racial integration and inclusion that has been a part of the South Orange and Maplewood communities for over 25 years. We are committed to building and preserving a community free of racial segregation where there is equity for all.


Learn more about us at CommunityCoalitionOnRace.org



To learn more and to apply for the Wealth Gap Equalizer Loan, go to choosesoma.com/move/WGEL


Click here to download and print the WGEL Brochure

 
 
 
 
 
 

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