OLYMPIA, Wash. — The Washington State Department of Commerce announced nearly $40 million in grants to 19 organizations that provide financial support to communities, including some in Spokane.
According to the Department of Commerce, the funding comes from the Community Reinvestment Project (CRP), which is a community-designed initiative aimed at uplifting communities harmed by the war on drugs and advancing equitable economic development.
“Access to capital opens doors to economic opportunity and generational wealth-building, but many communities face historic and systemic barriers,” said Commerce Director Mike Fong. “We are proud to stand with community partners throughout the state who are promoting equitable access to financial resources that help individuals, families, and businesses get ahead and grow.”
The department noted that the funding will support Black, Latine, and tribal communities, addressing significant wealth disparities across Washington. Data from the department shows that these communities were disproportionately affected by the war on drugs.
“Racial disparity in homeownership wasn’t created by accident and it won’t be fixed by accident,” said HomeSight Executive Director Darryl Smith. “But we can’t address these disparities with the housing inventory that’s out there now. HomeSight and our partners in the Black Home Initiative are grateful for the Department of Commerce’s investment in the Field Order 15 Fund and its innovative strategy to lower the barriers for builders who are invested in our goal to improve homeownership rates for the BIPOC community. These builders need and deserve a seat at the table and a voice in the solution.”
For more details on which specific parts of Washington state are receiving grant money, click the link here.
