EDUCATION FOR ONE CITY FAMILIES AND STAFF
We are excited to announce a groundbreaking pilot community initiative open exclusively to families and staff at One City Schools. The program – Own It: Building Black Wealth – is a two-part program designed to eliminate substantial barriers to wealth for Black and Brown families in the Greater Madison area. The program does so by providing two key elements: wealth building education and financial support.
- Part One consists of an in-depth education series focused on wealth building and personal finance within the context of the barriers that Black and Brown families have dealt with for decades in Dane County. The second course is a Homeownership course for families interested in purchasing a home and applying for the $15,000 down payment funds.
- Part Two is access to $15,000 towards down payment funds. There will be two windows open in 2022 to apply for the funds. Upon completion of both courses, participants will be offered a clear, upfront, and transparent process on how to apply.
The educational programming and local community support make this program unique and sustainable. The program is free for all participants. To qualify, you must be a family member enrolled at One City Schools, an alumni, or current staff at One City Schools.
The first wealth building course begins on September 12th, 2021. There are eight sessions for the Wealth Building Course and four sessions in the Homeownership course. Multiple courses will be offered throughout the year.
FREQUENTLY ASKED QUESTIONS:
1. Is there a cost for the program?
No – the entire education series is free for all participants!
2. What if I miss a session? Can I make it up?
Yes, you may make up a session by watching the session recording and taking a brief quiz.
3. Will there be homework?
Yes, there will be assignments both during and in between classes! There will be no tests or grades.
4. How much down payment assistance is available?
The down payment grants are $15,000 per household.
5. When can I apply for a down payment grant?
You may apply for a down payment grant once you complete the initial eight-session wealth building course and the subsequent four-session homeownership course. The homeownership course will be
scheduled once the initial course ends. The application process and grant criteria will be covered in the homeownership course. The first application window will open in FEBRUARY 2022.
6. Am I guaranteed to receive a down payment grant if I complete the two courses?
Grant availability will be based on the total amount of funds raised. If there are more applicants than funds eligible applicants will be placed in a pool and a lottery will be conducted to identify the awardees. All applicants must also be first-time homebuyers, defined as not having owned a home in the past three years.
7. Do I have to use the funds to purchase a home?
Yes, the funds must initially be used to buy an owner-occupied single-family home or duplex.
8. Do I have to pay back the down payment funds or are there other restrictions?
No, you do not have to repay any part of the $15,000. Once you purchase a property, the down payment
and the equity it represents is yours.
9. Will more classes be offered if I can’t make the one in September?
Yes, the next eight-session wealth building course starts on 1/11/22 and will run on Tuesday nights from
6:30 – 8 p.m.
10. Other than homeownership, what other courses are available in the education series?
Depending on interest, we may offer subsequent courses focused on credit repair, budgeting,
entrepreneurship, investing, and retirement planning, all of which will be introduced in the initial eight-
session course. No grants are currently available as part of those courses.
11. What happens if I receive a down payment grant and I decide I’m not ready to buy a home?
You will have access to your down payment grant for nine months to purchase a home. If you are not
able to do so for any reason in those nine months, the funds will be returned to the general pool. You
may apply for a down payment grant as many times as you wish until you purchase a home. In each
application window, grant decisions will be based on the demand for funds and applicants’ readiness to
12. What if I’m not Black?
This program is available to all families enrolled, alumni of, AND current staff at One City Schools, no
matter your race or ethnicity. Given the demographics of One City Schools, historical inequities in the
Madison and greater Dane County area, and the requirement that grant recipients be first-time
homebuyers, we anticipate that the program is well-designed to achieve its aims.
If you have additional questions, please contact the Education team at email@example.com.