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The Devaluation of Assets in Black Neighborhoods: The case of commercial property
In 2019, a Black real estate developer named Brian Rice tried to get a loan to renovate some buildings he purchased on a neighborhood commercial corridor in the majority-Black Ensley neighborhood of Birmingham, Ala. His vision was to turn these…
Metro Breaks Ground On $143 Million ‘Rail to Rail’ Project
After several years in planning, Metro and City officials came together last week to break ground on the $143 million “Rail-to-Rail” project. Initially proposed in 2012 by Mark Ridley-Thomas, the “Rail-to-Rail” is a 5.5-mile path that will transform a blighted,…
Almost Home: Progress Continues On Twenty-Five Supportive Units In Watts
A 25-unit supportive housing development named Watts Works has been unwrapped on a corner lot at 9502 S. Compton Avenue. The four-story building replaces a vacant single-family home with 24 studio apartments reserved for formerly homeless individuals as well as a…
New California Budget Includes $50M For First State-level CDFI Fund
The 2022-2023 state budget signed by Governor Gavin Newsom on June 30th, included $50M to establish the California Investment and Innovation Fund, a state-level Community Development Financial Institution (CDFI) fund. This one-time General Fund investment will provide grants to community development…
LA County Supervisors Unanimously Approve Plan To Return ‘Bruce’s Beach’ To Descendants Of Rightful Owners
The Los Angeles County Board of Supervisors unanimously approved a plan to return Bruce’s Beach to the descendants of a Black couple who were stripped of the land in the 1920s. According to the motion approved on Tuesday, the beachfront…