With a mission to close the racial wealth gap and increase access to homeownership, African American industry leaders answered Secretary Fudge’s call to action.
In honor of National Homeownership Month, U.S. Department of Housing and Urban Development (HUD) Secretary Marcia L. Fudge met with prominent African American Leaders from across the country to discuss closing the racial wealth gap and increasing access to homeownership in African American communities.
The group of CEO and Executive Directors from some of the nation’s leading nonprofit, corporate, and philanthropic sectors participated in a roundtable discussion with Secretary Fudge and other HUD senior officials to address how to build wealth in the black community. All the organizations represented have ongoing projects that align with furthering the development of African American communities through the development of and access to affordable housing, and other adjacent areas. These organizations are working on projects that aim to create lasting positive effects on the community by utilizing investments of capital and resources.
“We know that the housing system was designed with race based inequity structures, so having discussions about ways of building generational wealth is essential,” said Secretary Marcia L. Fudge. “We are at a critical juncture in this country today and it’s important for public and private sectors to work together to improve the lives of those living in minority communities so that these communities have the opportunity to thrive.”
Co-hosted by Michael Hyter, President and CEO of The Executive Leadership Council, the discussion focused on the current funding and programmatic priorities that each organization, including HUD, is implementing. For instance, HUD’s Office of Fair Housing and Equal Opportunity (FHEO) has been actively working with the White House to ensure federal investments and inflation reduction are being distributed equitably so African American communities have access to these resources.
“It is our responsibility and obligation to use our knowledge and experience to explore ways to address the obstacles to homeownership and generational wealth creation for an unacceptably high portion of the Black community,” said Michael Hyter. “The ELC looks forward to working with Secretary Fudge and her team to help tell the story around the imperative of homeownership as a path to wealth creation and why it is critical to the sustainability and longevity of the Black community.”
Secretary Fudge and the group of prestigious leaders drafted a call to action composed of commitments related to strategic partnerships focused on measurable outcomes. These action items include investing in affirming advertisements of black homeownership, better channeling of resources to communities, and ensuring this is not the last time a roundtable like this happens.
This year’s Roundtable participants included:
- Michael Hyter, President and CEO, Executive Leadership Council
- Thasunda Brown Duckett, President and CEO, TIAA
- John Rogers Jr., Chairman and Co-CEO, Ariel Investments
- Denise Scott, President, Local Initiatives Support Corporation (LISC)
- Lisa Rice, President and CEO, National Fair Housing Alliance
- Angela Williams, President and CEO, United Way Worldwide
- Claire L. Babineaux-Fontenot, CEO, Feeding America
- Mayor Woodards, President, National League of Cities (NLC)
- Otis Rolley, President, Wells Fargo Foundation; and Head of Social Impact, Wells Fargo
- David Johns, Executive Director, National Black Justice Coalition
- Donald Whitehead, Executive Director, National Coalition for the Homeless
- Marcia Griffin, CEO and Founder, HomeFree-USA
- Christopher J. Tyson, President, National Community Stabilization Trust
- C. Renee Wilson, Executive Director, National Association of Real Estate Brokers
- Kelley Cornish, President and CEO, T.D. Jakes Foundation
- Broderick Johnson, Executive Vice President, Public Policy & Executive Vice President, Digital Equity, Comcast Corporation