For many Americans, their home represents their largest and highest-value investment, and homeownership allows them to build wealth and enjoy economic and social benefits. Homeownership opportunities, however, have historically not been distributed equitably. Offering homeownership programs can be an effective way for local governments to address the racial wealth gap and decades-old inequalities.
Arlington’s current programs are designed to provide greater access to homeownership primarily for households earning below 80 percent of area median income (AMI), but do not necessarily help to build wealth.
To better clarify the needs and goals of the community, Arlington has launched a Homeownership Study that will:
- clarify the community’s values and goals related to homeownership,
- examine the appropriateness of current homeownership program outcomes,
- assess opportunities for potential homebuyers and existing homeowners, and
- determine whether existing programs support Arlington’s homeownership goals.
The study is part of the Housing Arlington program and is one of many tools the County is using to address housing needs in the community.
- February 17 Homeownership Subcommittee Meeting