Press Release: 2024-12-03

Wealth Building Programs: How CDC's are Addressing the Racial Wealth Gap

 

December 2024

Yari DeJesus

During this breakout session, attendees were able to hear from a panel of seasoned professionals using innovative programs on the ground to help close the racial wealth gap in their communities.  Courtney Brunson, Director of the Racial Wealth Gap Partnership at the Boston Foundation expanded on the current efforts made to close the racial wealth gap in their region and how people of color have historically been excluded and faced systemic barriers that have prevented them from building wealth. In addition, she shared community-based solutions like homeownership programs such as the MHP ONE+ mortgage that can help in narrowing wealth disparities. The panel also included two staff members from Urban Edge; Alia Pacombe, Director of Community Engagement was able to expand on the importance of the Family Self Sufficiency (FSS) program and how it has been a successful asset building tool for many of their residents. Robert Credle, Director of Community Programs went over various asset building programs they offer such as financial counseling, credit counseling bootcamps, first time homebuyer education and foreclosure prevention programs along with downpayment assistance offered to their residents. Lastly, Renee Taylor, Economic Opportunity Director at Somerville Community Corporation walked us through what it's like working with low-income families and how she empowers them to stay on track to reach their goals and make progress during their 1-1 financial counseling sessions.

Panelists:

Courtney Brunson, Director, Racial Wealth Gap Partnership, The Boston Foundation 

Alia Pacombe, Director of Community Engagement, Urban Edge 

Robert Credle, Director of Community Programs, Urban Edge 

Renee Taylor, Economic Opportunity Director, Somerville Community Corporation