Bloomberg Philanthropies Launches Interactive Database of Racial Wealth Equity Initiatives for Black Americans

Bloomberg Philanthropies’ Greenwood Initiative has launched an interactive database providing information on racial wealth equity initiatives for Black Americans.

Axios reports that the Black Wealth Data Center (BWDC) is hosted by Prosperity Now, a Washington-based nonprofit that takes existing federal and public data and organizes it into a user-friendly format.

One of the areas the data center is focusing on is black homeownership, in which black Americans are disproportionately affected due to decades of banking industry discrimination and redlining. According Time magazine, at the end of 2020, the black homeownership rate was 44.1%. By comparison, 48% of Hispanic Americans were homeowners and nearly three-quarters of white Americans (74.5%) owned a home.

According Natalie Evans HarrisExecutive Director of the BWDC, the database will enable others to improve the collection, quality and accessibility of racial wealth equity data.

“By centralizing data from many sources and partnering with leading organizations across the country, we are also committed to creating efficiencies for practitioners and decision-makers by leveraging data to make decisions that help undo the damage caused by racism and decades of disinvestment,” Harris said. in a statement on BWDC’s website.

In the aftermath of the 2020 Black Lives Matter movement, several major banks created initiatives and programs designed to help Black Americans get loans and buy homes. Earlier this month, Bank of America announced it would offer no-down payment loans to black first-time home buyers in Charlotte, Dallas, Detroit, Los Angeles and Miami.

JPMorgan Chase has committed $12 million to increase homeownership opportunities for Black and Hispanic residents as part of its five-year, $400 million commitment to improve housing affordability and stability. The bank will provide low-cost loans and grants aimed at nonprofits and organizations in the affordable housing space that will improve affordability and stability for Black and Latino households.

In March, TD Bank launched its TD Home Access Mortgage, which will provide prospective Black and Hispanic home buyers with an affordable mortgage option that includes a $5,000 lender’s credit, which requires no repayment.

Bloomberg Philanthropies’ Greenwood Initiative aims to accelerate wealth accumulation for Black Americans by addressing systemic underinvestment in Black communities across the country. The initiative is named after the community of Tulsa, Oklahoma, which was burned down in the Tulsa Race Massacre.