A LIIF investment was recently highlighted as part of an innovative new paradigm called Parity Zones. This concept emerged from McKinsey’s Institute for Black Economic Mobility report, “The State of Black Residents: The Relevance of Place to Racial Equity and Outcomes.” Pointing to the growing gap in economic opportunities across racial and ethnic groups, McKinsey calls for interventions that include comprehensive place-based investments in high-opportunity areas that can benefit local residents as newly designated Parity Zones.
At a Nov. 20 “Parity Zones Symposium,” convened at San Francisco’s Commonwealth Club, Freedom West Homes was positioned as a model. It should be noted that this is a project in which LIIF was the first private funder and has continued to offer support. Joining LIIF in the pre-development activities were the San Francisco Foundation, Dignity Health Mercy Medical Group and Bethel AME Church. LIIF has championed the vision of Freedom West Homes from the start by presenting the project to other funders; backing the team’s advocacy with the City for critically needed subsidy; and publicly supporting policy advocacy that led to the passage of California’s SB 593 legislation, which calls for replacement homes to redress the demolition of a substantial number of residential dwelling units during the former San Francisco Redevelopment Agency’s urban renewal efforts.
Explains LIIF’s CEO Daniel A. Nissenbaum, “LIIF supports this historic investment to drive economic parity in San Francisco’s once predominantly African American and Asian neighborhood. We applaud the impact of the resident-led Freedom West 2.0 revitalization plan, a mixed-income, mixed-use masterplan development countering the dire effects of displacement that started in the mid-1950s.”
LIIF’s investment is driven by our racial equity strategy — echoed in the McKinsey report — to create power, agency and community ownership. In the case of Freedom West Homes, this translates to supporting a group of well-organized residents who are cooperative shareholders fighting for their longtime homes to avoid displacement in the high-cost San Francisco market.
Read the press release.
Read the Yahoo! Finance article.
Read the City Biz article.
We applaud the impact of the resident-led Freedom West 2.0 revitalization plan, a mixed-income, mixed-use masterplan development countering the dire effects of displacement that started in the mid-1950s.”
LIIF Chief Executive Officer Daniel A. Nissenbaum