OLYMPIA, Wash. — The Washington State Department of Commerce has awarded more than $29 million to address wealth disparities, promote homeownership, and expand access to financial resources across the state. These funds, distributed through the Community Reinvestment Project (CRP), will provide vital capital for grants and subsidized loans to individuals, families, and small businesses. The initiative aims to help communities disproportionately affected by systemic racism, particularly those impacted by the war on drugs, by enabling them to acquire and secure critical assets such as homes and property.
“The communities supported by this funding have long histories of experiencing harm from government-led services and supports,” said Commerce Director Mike Fong. “This funding is one way we’re working to ensure that they have equal opportunities in the future and create a more equitable Washington for everyone.”
The grants prioritize “by-and-for” organizations—those led by and serving Black, Latine, and tribal communities. These communities have been disproportionately impacted by the enforcement of drug laws and systemic inequities that have limited their access to financial opportunities. The investment is designed to provide economic empowerment and promote sustainable growth in these historically marginalized communities.
“It is exciting to see the long-overdue investment of funds in communities that have suffered under the disproportionate application of penalties in the war on drugs,” said Housing Division Assistant Director Corina Grigoras. “These projects will provide much-needed support for businesses to expand their services and enhance their impact, as well as targeted funding for people pursuing homeownership.”
Of the total $29 million, $14.5 million is allocated to eight Black, Latine, and tribal lending agencies, providing essential capital for lending, operations, and salaries. This funding will help these agencies better serve their communities by increasing access to financial resources and supporting economic stability. Some of the notable recipients include the Tacoma Urban League, awarded $5 million to support its programs in Pierce County, and Denkyam, SPC, which received over $4.4 million for its operations in King, Pierce, and Snohomish counties.
The remaining $14.5 million is directed to the Homeownership Capital Accelerator program, which aims to increase homeownership opportunities by reducing monthly mortgage payments and enhancing purchasing power. This program uses tools like second mortgages to eliminate the need for mortgage insurance, making homeownership more attainable for underserved communities. Significant recipients include Centro Cultural Mexicano and the Urban League of Seattle, each receiving $3 million to support homeownership initiatives in various counties.
The Community Reinvestment Project is a response to the long-standing impacts of systemic racism, particularly economic inequities and barriers to financial resources. By focusing on communities most affected by the war on drugs, the CRP seeks to rectify these disparities, ensuring a fairer distribution of economic opportunities and legal protections.
“Systemic racism continues to block communities of color from achieving their full potential,” added Fong. “Through the CRP, we are not only addressing these historic injustices but also paving the way for a more equitable future where every community in Washington can thrive.”