b'Interest-free LoansHelp Draw BlackFirst-time Homebuyers to Two TownsCommunity Coalition on Race creates pilot loan program to promote integration BY MASON LEVINSON Noelle Perez and son, Malachi, moved to Maplewood with help from the Wealth Gap Equalizer Loan.T heSouthOrange/MaplewoodCom- and home improvements, as well as help with com- want to give them what they need to live where they munity Coalition on Race is putting itspeting in bidding wars.would like to live in our community.money where its mouth is.Although that may seem like peanuts in a local Since1996,thenonprofithasreal estate circus in which the 2023 average home focused on encouraging diversity andsale price was $890,127, it brings breathing room to intentionalintegration.Throughloan recipients. We looked at the fact that histori-communityengagement,marketing,cally, because of the wealth gap, there isnt that addi-research and educational programming, it has pro- tional income that sometimes becomes important in vided Maplewood and South Orange with the toolsthehome-buyingprocess,saysAudreyRowe,the for racial, ethnic, and cultural inclusion in all aspectsCoalitions program director. Our goal is to give this of public life. It aspires to be and is often sought outmoney to our target audience so we can meet our goal as a model for such efforts in other communities.of helping our community stay racially integrated.Recently, in response to data showing a declineTheloanprogramisnotfocusedonafford-in the two towns Black population during the pastable housing. The Coalition has awarded six of 10 decade, the group created a $75,000 pilot programplanned loans, including for condo purchases under called the Wealth Gap Equalizer Loan. The program$200,000 and homes costing more than $500,000. cut its first check in 2022. It offers first-time BlackWere looking to help people who are right at and non-white Hispanic homebuyers up to $7,500the door but just dont have that little extra cash to in interest-free loans to help with purchase-associ- step over the threshold, says Rowe. We dont want Audrey Rowe is the program director for the South ated expenses such as down payments, closing coststo restrict the aspirations of our applicants. We justOrange/Maplewood Community Coalition on Race.36/ matters magazine / hearth + home 2024'