Thank you to everyone in the West End and Visitation Park neighborhoods who took time to apply, talk to us about the initiative, spread the word, and ultimately welcomed us and this initiative to the neighborhood.
Watch the video to learn more
Rooted: Cultivating Black Wealth in Place is a new initiative focused on helping West End and Visitation Park residents build wealth so that they can afford to stay and grow in their neighborhood.
We recognize that without access to larger funds, it is hard for people to make investments, whether it is investing in their home or the stock market. “It takes money to make money,” is a slogan for a reason. We believe that when families have money for investing, they can use this support to build wealth.
Our work is focused on the West End and Visitation Park neighborhoods because the neighborhoods are in transition and there is growing concern about affordability for current residents. We want to ensure that those who want to remain in the neighborhood can afford to.
How the Rooted initiative works:
Through random selection we selected 50 households to participate in the Rooted initiative. Each participating household is matched with a Financial Planner (at no cost) and receives an investment of $20,000 to put toward activities historically proven to build wealth including:
- Purchasing a property in the West End or Visitation Park
- Renovating property in the West End or Visitation Park
- Starting a small business or scaling an existing business in the West End or Visitation Park
- Opening an investment account
Participants receive an additional $2,000 to pay down debt, address any immediate needs the household may have, or create an emergency savings.
The Financial Planners help participants outline short, intermediate, and long-term goals, identify how to use the $20,000 to help reach their household goals (from the 4 options listed above), and create a spending and savings plan. We also provide access to other expertise throughout the initiative to help participants with starting a business, investing, or purchasing a property.
INITIAL OUTREACH OUTCOMES:
The Rooted initiative was specifically designed to provide opportunity for long-term, Black, low-middle income residents of the West End and Visitation Park neighborhoods.
We had 175 households who fully completed their applications and took the necessary steps to enter the Random Selection Drawing. Of the applicants:
11.3% were aged 25-39
39.2% were aged 40-59
47.7% were aged 60+
43.8% were single person households
30.1% were two-person households
25.9% were three or more-person households
The median household income was $35,391
25% had lived in the neighborhood for 6-10 years
14.2% had lived in the neighborhood for 11-15 years
17% had lived in the neighborhood for 16-20 years
43.8% had lived in the neighborhood for 21+ years