By Lisa Wise, CEO and Founder of Nest DC
Home ownership is simply life changing. Homeowners enjoy stability and security, appreciation and wealth generation and fixed costs vs. year over year increases in rent. They unlock tax perks, appreciation and agency. A home of one’s own should not be a privilege enjoyed by some and left out of reach for the rest - particularly when those excluded are often Black, indegenous, and/or people of color.
According to the U.S. Census Bureau, in the first quarter of 2020, 44% of Black families owned their homes, as compared with 73.7% of white families. And while DC enjoys the highest rate of homeownership among Black households at 50%, it’s still far less than white households, 70% of whom are homeowners.
This wealth gap, inequity and (by design) power imbalance needs to be challenged mightily. And those of us in the real estate industry should be called upon to contribute meaningfully to a more just and equitable future. Indeed, many who have benefited the most from these discriminatory policies have indirectly done so at the expense of many.
Nest DC, our family of real estate management companies, launched the birdSEED Fund in partnership with The Community Foundation to start a new narrative. The fund is seeded with $215,000 for down payment grants - money never to be repaid and earmarked - for first-time Black and Brown home buyers. Grants will range from $5,000 to $15,000 at a time, for those who have been historically excluded from the wealth generating acquisition of homes.
We want to acknowledge just how much we have to repair in this industry - and we’re initiating this conversation by first investing in our community.
I have been managing homes for over 30 years. I experienced housing insecurity growing up and have always been drawn to this work. Managing property with empathy and kindness has been my North Star from the start.
At Nest DC, we’ve chosen to honor people and place over profit. We embrace the communities and neighborhoods that knit together our portfolio. birdSEED and our housing justice work aligns with our values system, and gives us a very specific pathway to helping people with our profits and passion.
To get there, we are thrilled to partner with the Greater Washington Community Foundation. Their support and commitment to justice, local investments and dignified housing offer a powerful alignment that will help accelerate our impact. With their sophisticated fund management, they allow us to stay focused on grantmaking while they help manage the administrative complexity of the work and reach the right partners. This partnership allows our 100% volunteer-led program to be effective and accessible.
<— Our birdSEED logo is an homage to the peace and love the dove represents. We’ll continue to fly high for justice - and hope you will join us in this important work.
MORE ON BIRDSEED AND HOW TO APPLY
birdSEED is now open to Black and Brown first-time home buying residents in the DC area. The application/review process is deliberately uncomplicated. A board of advisors will review applications and we will match funds with qualified applicants. Grantees can have a combined household income up to $150,000 and must be first-time home buyers and plan to occupy the home. We offer 120 days to use the funds, which are released at closing and are compliant with mortgage lending guidelines. Apply at https://birdseedfoundation.com
ABOUT THE AUTHOR
Lisa Wise, CEO and Founder of Nest DC, describes herself as a serial entrepreneur with a social justice lens. Over the last 30 years, all of her professional experiences have been cause-driven, community-based and geared towards improving the lives of others. Lisa leads Nest, with a focus on giving back to communities and populations that are underserved or underrepresented.
Day to day, Lisa oversees the strategic direction of Nest DC. In particular, she manages strategic partnerships for long term growth and sustainability, leads philanthropic efforts, partners with the heads of sales and client experience managers at all business units to make sure they continue to deliver on their commitment to exceptional customer service and instills a company culture that has led to an industry low turnover rate and a team that is committed for the long haul.