OneUnited Bank is launching a new program to increase the Black homeownership rate in Miami, FL.
Led by Kevin Cohee, chairman and chief executive officer, and Teri Williams, president and chief operating officer, OneUnited Bank has launched its Lift Up Homeownership program. This will directly benefit first-time Black, Latino, Native American, Asian, or Native Hawaiian/Pacific Islander customers in obtaining funding for a down payment on a home, the Miami Herald reports.
“Our homeownership rates are lower, especially in this market,” Williams explained. “It’s too darn high to buy a home.”
The bank launched the program in response to a surge in demand for financial assistance in homeownership.
“People reach out all the time,” Williams said. “We said, ‘We got to do something different in 2025.’”
Program participants who qualify and are accepted can receive up to $50,000 in unforgivable loans. If they remain in the home for five years, the loan won’t have to be repaid. Additionally, customers will receive $1,500 in closing cost savings and gain access to personalized guidance from experienced loan consultants, its website states.
“This is an opportunity for someone coming out of school,” Williams told the Miami Herald. “As opposed to paying rent somewhere, you can buy a small condo. This could be a place for you to start building up home equity so that five years down the road you can buy something larger. This can make a huge difference in building generational wealth.”
This program will bridge the gap in its locations, such as Miami, FL. The city’s homeownership gap shows that 44% of Black residents own homes, compared to 63% of white residents and 51% of Hispanic residents, per a 2024 study.
“When we talk with providers of these programs, they struggle to get Black community participation,” Williams mentioned. “That’s what we’re really trying to focus on.”
Applications will go live on April 1 via OneUnited’s website or at its Liberty City branch location. To qualify, customers must have already selected a home and be approved by the bank. Additionally, they must not be earning over 120% of the HUD area median income.
