It’s no secret that HBCUs have been underfunded. Despite various celebrity donations — from P. Diddy’s $1 million donation to Howard University to Ronda Stryker and William Johnston’s $100 million gift to Spelman College — many HBCUs are struggling to make ends meet. In fact, various HBCUs have since had to close their doors, while stories of institutions with dated and dismantled housing have gone into overdrive on social media.
Thankfully, many HBCUs will be able to get back on their feet due to one historic donation. In November 2023, the Steinbridge Group, a Black-owned impact investment firm, announced a $100 million privately funded donation to HBCUs.
The donation is geared towards helping HBCUs retain and grow their developments.
Aside from HBCUs taking care of their students, it’s paramount to ensure that their staff equally benefits. Unfortunately, retaining exemplary staff can be difficult when housing issues have blossomed in these communities. That said, The Steinbridge Group is determined to tip the scale and change the conversation around real estate within HBCUs by partnering with them.
“This $100 million commitment expands our strategy to meet the housing and other real estate needs of people in rapidly changing communities across the country while contributing to capital and investment goals of HBCUs and other organizations,” said Tawan Davis, Founder and CEO of the Steinbridge Group via a Business Wire press release. “I look forward to partnering with HBCUs and other institutions.”
Davis shared that the ultimate goal is to provide HBCUs with financial backing to help them build upon their existing developments and use their land wisely. As a result, this donation will help HBCUs boost financial gain, retain ownership, and give back to the community.
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Plans for homeownership for graduates, staff, and community are coming down the pipeline.
Homeownership is a dream for many, but not all can obtain it. According to the National Realtors Association (NAR), “Black ownership rates lag behind other races at 44%, with whites at 72%, Asians at 62.8% and Hispanics at 50.8%.”
Fortunately, the Steinbridge Group is well-versed on the topic and is determined to utilize its donation to benefit graduates and staff with real estate opportunities. After all, gentrification continues to run rampant, affecting urban areas and displacing millions.
“By educating the largest number of the nation’s Black scientists, engineers, professionals, entrepreneurs, leaders and culture-shifters, historically black colleges and universities help to anchor America and incubate its future,” said Rev. Dr. W. Franklyn Richardson, Chairman of the Board Virginia Union University(HBCU est. 1865); Chairman of the Conference of National Black Churches; Chairman of the National Action Network in the Business Wire press release. “For generations, these institutions have spurred economic mobility for African Americans, their neighborhoods, and the communities where their graduates live and lead. Steinbridge’s unique commitment builds on this history by partnering with these and other institutions as they usher in an exciting era.”
Not only will this commitment impact the future of HBCUs, it will create a streamlined process of building wealth in these communities. In addition, this initiative will also tie into helping HBCUs make college more affordable for prospective students.
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