April 22nd 2024.
The Evanston Reparations Fund has recently made an exciting announcement regarding the use of its funds. According to Reparations Committee Chair Robin Rue Simmons, a significant portion of the fund, specifically $17 million, will be transferred to Liberty Bank, one of the largest Black-owned banks in the country. This move is a part of the fund's efforts to support various initiatives, such as the Restorative Housing Program, which aims to promote homeownership and intergenerational equity among the Black residents of the Illinois suburb.
Simmons is convinced that this measure will have a positive impact on the community, particularly on Black businesses and homeowners. In her words, "Seventeen million dollars in a Black bank is going to give more lending power and access to Black businesses, Black mortgages, and other forms of support." This is indeed a significant step for the community and is being hailed as "the biggest deal since the passing of Resolution 126-R-19 in 2019."
The Reparations Program has already shown its effectiveness by providing over $4.5 million in funding to eligible residents. These individuals were at least 18 years old between 1919 and 1969 and have descendants affected by discriminatory policies such as redistricting. The program receives its funding through various means, including a city tax on donations, recreational cannabis, and yearly transfers of $1 million from the city's real estate transfer tax.
Liberty Bank, with a valuation of $1 billion, has proven to be a valuable partner in the program. Its closest branch, located in Park Forest, has already helped first-time home buyers by offering mortgages through the reparations funding. Committee member Claire McFarland Barber expressed her satisfaction with the outcome, stating that she is happy to see the city paying it forward. Fellow member Krissie Harris also praised the move, describing it as "amazing" and a testament to the instrumental role of the reparations plan for Evanston.
During the recent meeting on April 4th, the group also discussed ways to further the city's growth beyond reparations. One of the ideas presented was a survey by Twyla Blackmond Larnell, a political science professor at Loyola University Chicago. Larnell's aim is to analyze the racial patterns in the city's business activity and consider other factors that may have contributed to the disparities, such as economic inequalities and the impact of time.
Larnell explained that the issue of Black businesses facing challenges is not unique to Evanston but is prevalent in the entire area, resulting in an exodus of Black residents and business owners. This not only has economic ramifications but also political implications for the Black community. The reparations program's construction administrator, Michael Dykes, also provided an update during the meeting. He emphasized the importance of hiring Black contractors for home improvements, which would bring another economic benefit to the community.
Dykes proudly stated, "All of our contractors are local, and all of them are Black." This shows the program's commitment to uplifting the Black community and creating opportunities for economic growth. The partnership with Liberty Bank and the various initiatives taken by the Reparations Fund demonstrate the city's determination to address racial inequalities and promote community development.
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