(FOX40.COM) - - A new service that supplies homeownership resources to Sacramento residents is accepting applications until Sept. 6.

The program is called the "CLTRE Keeper First-Time Home Buyer Program," and is moneyed by the City of Sacramento.

CLTRE Keeper's goal is to help support underserved communities and business owners of color with the understanding and funds to end up being newbie homeowners, according to their website.

" Without ownership there's absolutely nothing," CLTRE Keeper Program Director Ashley Garner said to FOX40.com. "It's so unfortunate that the number of property owners in minority neighborhoods are so low. We originate from generations of occupants."

Garner stated she has operated in property for 10 years and is a witness to the unfavorable dynamics for Indigenous and black people of color (BIPOC) who are wanting to purchase homes.

According to the National Association of Realtors, the U.S. homeownership rate increased to 65.5% in 2021, nevertheless, the rate amongst Black Americans lags substantially at 44%.

The rate has actually just increased 0.4% in the last 10 years and is almost 29 portion points less than White Americans who have an ownership rate of 72.7%. The statistics represent the largest Black-White homeownership rate gap in a decade.

" My purpose is to make sure that every stone is turned which BIPOC people are informed on resources and what's possible. Everybody deserves to own a home and build generational wealth," Garner said.

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Garner added that lots of BICOP individuals are being displaced for factors beyond their control.

" We are tasked with anti-displacement. Our communities are being gentrified," Garner stated. We deserve to reap the benefits of new and enhanced homes and neighborhoods."

The CLTRE Keeper First-Time Home Buyer Program is marketed to offer totally free monetary coaching, info about down payment assistance and local realty agents, the city's financial empowerment center, and other non-profit companies that can supply support.

To be eligible for the program applicants need to:

- Live within the city of Sacramento (95817, 95820, 95824, and 95828 zip codes).

- Have a gross annual earnings at or below 80% of the local area average income.

- Live in your home they acquire for 10 years to have the loan fully forgiven.

Applications for the program are due by Sept. 6 at 11:59 p.m. For more info or to use check out cltre.org.

" We encourage everyone to use since even if somebody can't get in this time around more financing is coming. We'll save their details and connect the next time a chance occurs," Garner said.