Netflix wants to help end systemic racism in real estate. The streaming giant announced Monday it was donating $25 million to a national effort to combat housing discrimination.
Their funds are going to Enterprise Community Partners, a nonprofit group that for over the past four decades has been building and financing affordable housing. Netflix has committed cash to the group’s Equitable Path Forward program, a nationwide initiative that hopes to stop practices fueling a growing racial wealth gap in housing. Homeownership rates for white Americans are nearly twice as high as they are for Black Americans, and whites’ median net worth is nearly eight times that of Black households.
“Our vision is nothing short of dismantling the legacy of racism in housing,” Priscilla Almodovar, president and CEO of Enterprise Community Partners. “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.”
The group wants to target the type of homes being built and where they’re built, and aims to create new careers that will help diversify leadership in real estate. It will provide debt, equity, grants, and innovative credit enhancements to generate more capital toward its mission.
“Blacks and other historically marginalized leaders have been fighting to better their communities for decades but have lacked the capital to do so,” says Shannon Alwyn, Netflix’s Treasury director. “That’s why Netflix is investing $25 million in Enterprise’s initiative.”
Enterprise Community Partners hopes to raise $350 million over a five-year period.
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