Netflix Donating $25M to Combat Racism in Housing
It’s unclear why Netflix focused on housing, but its donation will “lead to a new … level of responsiveness, investment and equity in the communities that get built.”
NEW YORK – Netflix wants to help end systemic racism in real estate. The streaming giant announced Monday a donation of $25 million to a national effort to combat housing discrimination.
Their funds are going to Enterprise Community Partners, a nonprofit group that for over the past four decades has been building and financing affordable housing. Netflix committed cash to the group’s Equitable Path Forward program, a nationwide initiative hoping to stop practices that fuel a growing racial wealth gap in housing – homeownership rates for white Americans are nearly twice as high as they are for Black Americans, and whites’ median net worth is nearly eight times that of Black households.
“Our vision is nothing short of dismantling the legacy of racism in housing,” says Priscilla Almodovar, president and CEO of Enterprise Community Partners. “By investing in these housing providers who are on the ground and engaged with their communities, Equitable Path Forward will lead to a new and needed level of responsiveness, investment and equity in the communities that get built.”
The group wants to target the type of homes being built and where they’re built, and aims to create new careers that help diversify leadership in real estate. It will provide debt, equity, grants and innovative credit enhancements to generate more capital toward its mission.
“Blacks and other historically marginalized leaders have been fighting to better their communities for decades but have lacked the capital to do so,” says Shannon Alwyn, Netflix’s Treasury director. “That’s why Netflix is investing $25 million in Enterprise’s initiative.”
Enterprise Community Partners hopes to raise $350 million over a five-year period.
Source: Enterprisecommunity.org and “Netflix Gives $25M to Ending Racism in Housing,” Real Estate Weekly (Dec. 14, 2020)
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