b'tieshavealso impactedthe population,Hello theCoalition has said. con- RetailersTo fronttheis-sue, the Coali-tion,m helpedBe included in the bymany com unity and legal part- Matters Magazineners,worked Kristin Fulton bought her two-bedroom Maplewood townhome withthroughsev- meet theeralyearsof help from the Coalition loan. hurdles to cre-ate an offering The loans require recipients to pos- thatdidntviolatefairhousinglaws. sess a lenders mortgage pre-approvalThe result was the Wealth Gap Equal-letter and to complete a U.S. Depart- izer Loan. ment of Housing and Urban Develop- Ourhomesareoftenourmost ment-approved first-time home buyervaluable assets. They typically appreci-education program, as helping appli- ate over time, but Black families have cants with financial literacy is a goalhistorically faced obstacles in accessing of the initiative. Loans must be repaidthis asset due to racist lending practic-within five years. For those purchas- es, governmental policies, and restric-ing in South Orange, up to 50% oftions on where they could buy homes, the loan is eligible for forgiveness af- says Rowe. While Black homeowner-ter five years of residency, thanks to aship wont solve all racial wealth dis-trust fund set up specifically for thatparities, it can have a positive impact town.Detailsofthecompleteloanby generating significant and sustained applicationprocessareavailableonincreases in wealth over time.ChooseSOMA.com.Amongthebiggesthurdlestoex-Rowe, a driving force behind thepanding the loan program beyond the loanprogram,saysshebeganseek- pilot stage is convincing other would-beMERCHANTing financial incentives to draw moredonors that it actually makes a difference Black families to the two towns afterin the life of a first-time homebuyer. theCoalitions2016Demographics$7,500isntpennies,saysKris-Reportshowedthatalthoughwhite,tin Fulton, a 35-year-old actress who Asian and Hispanic populations werebought her two-bedroom Maplewood growing here, the Black populationwasinde-cline. From2010-2020,featurethe population of resi-dentswhoidentified solelyasBlackde-creasedby1,130peo-ple, or about 9 percent,RESERVE BY APRIL 5accordingtotheCo- Contact your sales representative or alitions2022report.visit mattersmagazine.comThough the wealth gap playsasignificantrole in that downturn, fac-torssuchasclimate, jobavailability,crime,Matters Magazine Spring Issueeducation,taxesand Blackresidentsinter- In homes April 26est in smaller cities withReal estate agent Jacqueline Hunter introduced home-owner Noelle Perez to the Coalition loan. Here they share larger Black communi- their experiences at a panel discussion.feature story /37'