In August, closers at True Title closed 954 sides of real estate transactions, resulting in a donation of $4,770 to promote homeownership in distressed areas of our city.
In the City of St. Louis residential lending north of Delmar makes up only 4% of residential loans made across the city.
Decades of discriminatory housing policies and practices continue to perpetuate segregation and vacancy throughout the St. Louis region. One reason loans are not being made is because of an issue called the “appraisal gap” – when homes in distressed neighborhoods are significantly undervalued, or the rehabilitation costs exceed a bank’s appraised value of the property. The appraisal gap is a significant barrier to providing equitable access to badly needed financial resources in neighborhoods that need them the most.
The Gateway Neighborhood Fund removes barriers caused by the appraisal gap by providing loans to qualified borrowers to purchase and renovate homes in communities with depressed home values. All neighborhoods are worth investing in. Reinvestment in historically disadvantaged communities is critical to overcoming the lasting effects of discriminatory housing policies and practices.
For more information, please visit the Gateway Neighborhood Fund website at www.gatewayneighborhoodfund.com.