The $1.1 trillion infrastructure bill passed by Congress last week will fund roads, bridges, rails and other components of the country's infrastructure. The legislation is also addressing racial inequity.
Why is racial injustice being addressed in the plan? The real estate development community is almost exclusively white. That lack of diversity, Black developers who spoke with ABC News said, translates into less affordable housing in Black communities, low rates of homeownership and a scarcity of retail and other businesses within those communities.-- a nonprofit organization for real estate and land use experts -- only 5% of its U.S. members are African American, 4.
"Our goal is to really take a holistic approach to provide opportunity -- specifically in communities of color," Ellis Carr, president and CEO of Capital Impact Partners and CEO of CDC Small Business Finance told ABC News."As we thought about the opportunity to support the D.C. area's real estate development community, we looked at where the hurdles were, particularly those that were faced by developers of color.
Thomas Houston and Talayah Jackson both received nearly $1 million in funding for their nonprofit community development corporation, Medici Road.Developer Mustafa Durrani is joined by two friends, at a project in which they've invested.
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