In recent years, the West End and Visitation Park neighborhoods of St. Louis have begun to see signs of gentrification. These historically Black communities are experiencing increased economic investment, rising rent and housing prices, and a growing white and higher-income population. Absent any intervention, these forces of economic development and chance could displace long-time Black residents.
However, one nonprofit community development intermediary and funder in St. Louis, Missouri, Invest STL, is piloting Rooted, Cultivating Black Wealth in Place, an initiative aimed at combating displacement in two historically Black neighborhoods. The Urban Institute is evaluating the program to assess its impact on displacement risk and wealth building. The analysis will also uncover financial planners’ role in helping beneficiaries pursue these outcomes. And if this pilot is successful, scaling it could help address the racial wealth gap more broadly. Click her to read the whole story from the Urban Institute’s blog Urban Wire.