How can we invest within our community to close the racial wealth gap? | Basic Black | GBH News

April 14, 2023 Pharaoh

Community wealth building is a relatively new approach compared to conventional economic development, as it aims to close the racial wealth gap by including democratic ownership, participation, and control to people of color. According to research from the Federal Reserve, Black and brown households own only about 15 to 20 percent net wealth as the average white household.

As an inclusive model of investment, community wealth building can bring residents together to invest their money, time, and talent to build equity in their neighborhoods. Now, cities across the country are following successful models by designing initiatives and steering funding towards community wealth building to move into pandemic recovery and create economic prosperity for communities of color.

This week on Basic Black, host Callie Crossley will be joined by Nia Evans, Executive Director for the Boston Ujima Project; Teri Williams, President and COO of OneUnited Bank; Nia Grace, Owner of Darryl’s Corner Bar and Kitchen; and Turahn Dorsey, co-founder of the Jazz Urbane Café development in the historic Bolling Building.

To view some of our previous episodes of Basic Black, please visit our website:

#BasicBlackGBH #BuildingCommunityWealth #RacialWealthGap

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