Back in June, Netflix announced it was committing $100 million to build up Black-led financial institutions. Now the streaming giant is switching gears to invest in ending racism in housing.
Real Estate Weekly reports that Netflix is pledging $25 million to Enterprise Community Partners — the nonprofit founded by developer James Wilson Rouse in the 80s to build and finance affordable homes — and its Equitable Path Forward program to support its national effort to combat systemic racism in the housing industry.
According to Enterprise Community Partners, the multi-pronged initiative plans to establish an equitable path forward for BIPOC and other historically marginalized housing providers by “filling the gaping capital gap from decades of systemic racism; strengthening providers through advisory services and other support; and creating new career pathways to diversify leadership in real estate.”
“Our vision is nothing short of dismantling the legacy of racism in housing,” said Priscilla Almodovar — president and CEO of Enterprise Community Partners — in a statement. “By investing in these housing providers who are on the ground and engaged with their communities, Equitable Path Forward will lead to a new and needed level of responsiveness, investment and equity in the communities that get built.”
Systemic racism in housing has plagued communities of color for decades, from government-sanctioned discrimination like redlining to race-based federal programs and predatory lending practices.
These racial disparities have made it difficult for Black and brown people in housing to gain access to sufficient capital and grow their real estate portfolios.
“Black and other historically marginalized leaders have been fighting to better their communities for decades but have lacked the capital to do so. That’s why Netflix is investing $25 million in Enterprise’s initiative,” Netflix Treasury Director Shannon Alwyn said in a press statement. “We invite more companies to join the movement and support visionary initiatives like Equitable Path Forward.”
Netflix and Enterprise Community Partners’ multi-million dollar program now aims to close the gap through a $3.5 billion effort to support BIPOC and other marginalized housing providers creating affordable homes in diverse communities.
“Together with our partners, we will close the racial disparities in the housing industry that perpetuate the racial disparities in our communities,” president Almodovar said. “To do so, we need to rebalance both power and profit in our industry. Enterprise will leverage $10 million of our own capital, expertise and unique end-to-end platform to do our part. A big thanks to Netflix for their support and leadership on this issue.”
For more information about Enterprise Community Partners’ initiative, click here.