Owning your own home continues to be the most important way that families build wealth in America, however, access to that wealth has not been equally shared among all citizens. A study from the Urban Institute has found that the homeownership gap among black and white families is wider today than it was in 1960 when racial segregation was still legal. While there have been many factors that led to this disparity, the housing policies of the past (and some that persist) have played a direct role in shaping communities and wealth distribution across the country. Displacement, exclusion, and segregation have kept many families of color from either obtaining or retaining their own homes and the wealth that would come along with it. See this report from the Center for American Progress to learn more.
Homeownership Disparity
Looking at this 1937 map of Philadelphia from the Homeowner’s Loan Corporation shows how the real estate industry viewed different areas of the city. The Philadelphia Office of the Controller describes the industry’s past sentiments this way:
“The “redlined” zones typically had an “undesirable population” of African Americans, immigrants, and Jews, while the yellow zones showed evidence of an “infiltration of a lower grade population.” These assessments stand in stark contrast to those for the green and blue zones, which were considered ideal for investment, had above-average housing conditions, and often contained a “homogenous” white and affluent population.
Without access to lending and legal deed ownership, minority populations in Philadelphia were forced to reside in neighborhoods condemned by the federal government as unworthy of investment. This denial of opportunity has compounded in the decades since, leading to unequal outcomes across Philadelphia’s segregated neighborhoods nearly a century later. Historically redlined areas of Philadelphia continue to experience disproportionate amounts of poverty, poor health outcomes, limited educational attainment, unemployment, and violent crime compared to other neighborhoods in the city.”
The RiseUp Fund is designed with this past history in mind; focused on providing support and access to opportunities for historically underserved communities and families.
