October 27th 2023.
The Wells Fargo Foundation and four mission-driven Community Development Financial Institutions have come together to improve housing affordability and availability in urban and underserved communities. To make this commitment a reality, the Foundation has provided $40 million in funding over a four-year period as part of the Growing Diverse Housing Developers Initiative. This initiative seeks to create equitable housing solutions and increase diversity in the housing industry.
This week, the GDHD is hosting its Annual Conference in Atlanta, bringing together housing industry figures, program partners, funders, public officials, and other community members to discuss, share, and learn best practices. Participants will also have the opportunity to hear about policy discussions, case study presentations, capital solutions, as well as take tours of projects in the works around Atlanta.
Don Hinkle-Brown, President and CEO of the Reinvestment Fund, shared that “We seek to invest in diverse real estate developers because there is such a long history of wealth building from real estate. It is important to connect a new, more diverse generation of developers to assets that appreciate cash flow and build community assets as well. Initiatives that prioritize representation and diversity solve for the hindrance of inequitable access to capital, enabling marginalized people to pursue worthwhile development despite restrictive market permission.”
At the GDHD Conference, participants will also be discussing the racial inequities in housing, such as discriminatory practices like redlining and biased home appraisals. They will also be looking at ways to remove the barriers that are keeping people of color from becoming homeowners.
Owning a home is the most reliable method of wealth building in the U.S. However, according to CNN, the U.S. housing market is facing a shortage of more than 6 million homes, making it difficult for buyers and sellers. The National Association of Realtors reports that 44% of Black Americans are homeowners, while more than 70% of white Americans are homeowners.
Darion Dunn, the managing partner of Atlanta-based housing development firm Atlantica Properties, expressed his appreciation for the Growing Diverse Housing Developers Program. He said that the “powerful combination of technical assistance, industry networking opportunities, and customized lending products from Reinvestment Fund is accelerating the growth of Atlantica Properties.”
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