The Chicago Area Fair Housing Alliance (CAFHA) partnered with Woodstock Institute on a new report, Roots to Grow: Strategies to Promote Subsidized Homeownership. This report documents efforts to advance the Housing Choice Voucher (HCV) Homeownership Program, which allows voucher holders to shift rental assistance to homeownership assistance.

Expansion of the HCV program presents an avenue for combatting the racial wealth gap by subsidizing homeownership for groups historically denied access to both homeownership and the significant wealth building opportunities it incurs. 65% of over 2 million voucher holders across the country identify as Black or Hispanic, and 86% in Chicago identify as African American. Converting even just 10% of current Chicago voucher renters to voucher homeowners could allow participants to accumulate an estimated $1.3 billion in assets.

This report follows a 2021 CAFHA report featuring direct testimony from HCV holders across Cook County aspiring to homeownership, Public Housing Authority Homeownership Programs: Scaling Up a Powerful Yet Underutilized Tool to Restore Wealth-Building Opportunities (download here).

This report was made possible through the generous support of the JPMorgan Chase Foundation and The Chicago Community Trust.