Raghiatou Bah, with her children, Mamadou (right) and Aissatou  Photo by Maureen Cassidy

In Dane County, only about 13 percent of Black households own their homes, compared to about 64 percent of white households. ‘Own it: Building Black Wealth,’ a local non-profit that brings together Madison-area real estate, banking, and financial experts to help build generational wealth in Black and brown communities through homeownership, has been collaborating with One City Schools to change those numbers since it started in 2021.

Their latest success story happened on May 22 when Raghiatou Bah, her children, and the Own It: Building Black Wealth crew took part in a celebration for the closing on her new home as she continues on her path of building generational wealth.

Raghiatou Bah (Photo by Maureen Cassidy)

This was the second closing for Bah, who has been a single mother of a fourth and fifth grader at One City Schools. She purchased her first-ever home through the Own it program back in 2022 and has worked hard to achieve her current position, as she moves to the next level.

“We always knew that offering grants without education would be short-sighted and this is more confirmation for us that Own It’s formula of education plus down payment money really works,” Tiffany Malone, co-founder of Own It and Realtor at Alvarado Group and Compass Real Estate, tells Madison365. “Raghi had a plan and was determined. She took the knowledge and made the equity in her first condo work for her.”

For Bah, it all started when she decided to go through the very first cohort of Own it in the fall of 2021. As a One City Schools parent, she applied for and got one of the first round of grants Own it awarded in February of 2022. That was for $15,000, and it was essential in her buying her first home.

“It’s been a great experience for me. Since I’ve been in the program, I have learned so much,” Bah tells Madison365. “When I was done [with the initial education courses], I was able to get the 15K grant with no strings attached … that really was amazing and I was able to get my very first place.”

Own it offers two main benefits: a financial education program and a down payment grant (that is now $19,000) with no payback required. The program is open to eligible participants connected through community partnerships.

Real estate professionals — including Realtors, lenders, appraisers, insurance agents, and attorneys — give back by contributing a portion of their earnings from each real estate transaction to the down payment fund. This helps Own It establish a sustainable funding model that supports more families on their path to homeownership.

Own It: Building Black Wealth crew celebrate the closing on Raghiatou Bah’s new home on Madison’s South Side on May 22. (Photo by Maureen Cassidy)

Initially, Bah bought a two-bedroom condo for $165,000 on June 16, 2022. 

“It was a hard time to buy a house because it was right in the heart of the COVID-19 pandemic and people were offering more money for the houses,” Bah remembers. “My ambassador and I saw up to 19 houses with offers and were denied. At last, I was able to get a house and that was very exciting.”

Three years later, she was able to sell that same condo for $200,000 and use some of that money for a down payment on the new, bigger place for her growing family. That’s approximately a 21 percent appreciation for those keeping track at home.

“Our new home is our dream home. My kids love it,” says Bah, who has been a single mom through most of her real estate endeavors, just recently getting married.

“It’s one thing to own your own home and another to use the tool of homeownership and maximize equity to upgrade to a bigger home that fits her family better and be able to show others what is possible,” Malone adds.

One City Schools’ Kaleem Caire (left) and Marilyn Ruffin (right) celebrate with Raghiatou Bah and her children.
(Photo by Maureen Cassidy)

For Bah, it has been exciting to be on this journey of creating generational wealth for her children, but also scary at times. 

“There are a lot of joys of home ownership, but also some concerns that come with it,” she says. “When you own a home, you have all these responsibilities, which I learned initially through the Own it program. So I knew what was coming for me. I was renting for many years and if something popped up, my landlord would take care of it… now all those responsibilities are mine.

“That’s the challenge, but I think I’m ready for whatever comes my way,” she adds.

Families awarded the Own it grant receive $19,000 to help buy a home — whether it’s an owner-occupied single-family house, condo, or duplex. To be eligible to apply for a grant, families must be first-time homebuyers and be affiliated with one of Own it’s community partners which include One City Schools, Centro of Dane County, and Anesis Therapy. For more information on applying for this grant, click here.

“At first, I was nervous with my first home, with maybe the house not appreciating and dealing with all of the challenges that I have to deal with. I was afraid that I might not be able to figure things out,” Bah says.

“But here I am now on my second home. And I am so very happy. It’s been a great experience,” she continues. “Own it is a wonderful program. Anybody who has the opportunity to do it, I really recommend it. Not just for the money, but for all of the financial literacy and the opportunity to meet some really great people.”