Thanks to the generosity of Maxim Schrogin and Karen Harber, The Black Wealth Enhancement Fund provides a unique opportunity to center on closing the wealth gap in our local communities for Black/African American individuals and families.
The mission is to develop economic opportunities that create new levels of success and asset building through strategies like down payment assistance, entrepreneurship, education and business development.
More specifically, home ownership is a major indication of the wealth gap in the United States. Because homes are typically our greatest personal asset and because it is typically passed down to children, the gap is perpetuated through generations. Only 44% of Black Americans own their home while in contrast 74 % of White Americans do. Adjusting this imbalance is one way to address the injustice inherited from the time of slavery.
A major barrier to homeownership, especially in the high-priced Bay Area is the lack of a down payment. This is especially true for Black homebuyers, who may have good incomes but no access to the additional capital they need for a down payment.
This fund supports homeownership as a key wealth building strategy. In addition, there may be other avenues by which the fund can support Black homeownership and asset building.
Civil rights activist Martin Luther King, Jr. once said, “The function of education is to teach one to think intensively and to think critically. Intelligence plus character — that is the goal of true education.” His words still ring true today. This fund also hopes to ensure that educational opportunities, whether formal college education, education in the trades, or entrepreneurship support exist for Black individuals and families in the community.
