OneUnited Bank Launches First-Time Homebuyer Program in Honor of MLK Jr. Day

In celebration of Martin Luther King Jr. Day 2025, OneUnited Bank, the nation’s largest Black-owned bank, has launched a new initiative to support first-time homebuyers. The bank is participating in the Lift Up Homeownership Program, a down payment assistance program offered by the Federal Home Loan Bank (FHLB) of Boston. The program offers grants of up to $50,000 on a first-come, first-serve basis, designed to assist buyers with down payments and closing costs.

This new initiative seeks to address the financial barriers many Americans face when trying to purchase a home, particularly communities of color, who historically encounter obstacles in homeownership. By participating in the Lift Up Homeownership Program, OneUnited Bank aims to provide crucial support to individuals in communities that have long been disadvantaged in the housing market. The program is open to Black, American Indian/Alaska Native, Hispanic, Asian, and Native Hawaiian/Pacific Islander individuals, with a focus on those who meet specific income and educational requirements.

To qualify, applicants must meet income guidelines (no more than 120% of area median income), complete a HUD-approved homebuyer education course, and contribute at least $1,000 toward the purchase. OneUnited Bank will also offer an additional $1,500 to cover appraisal, credit report, and other lender fees.

This move underscores OneUnited’s ongoing commitment to bridging the wealth gap, particularly through homeownership—a proven means of building generational wealth. Teri Williams, President & COO of OneUnited Bank, emphasized the rising cost of homes and the importance of these assistance programs in making homeownership accessible.

The Lift Up Homeownership Program is set to begin on April 1, 2025, and OneUnited encourages all eligible buyers in Boston, Los Angeles, Miami, and surrounding areas to apply. For more details on eligibility and registration, visit OneUnited’s website.