Previously, BLACK ENTERPRISE reported on Netflix’s multi-million dollar investment in initiatives geared towards racial equity and wealth within the Black community, which was sparked by a conversation on race relations that were brought about by the protests against racial injustice. Now, the streaming giant partnered with Enterprise Community Partners to help end the racial housing gap for BIPOC families.
Enterprise unveiled its new Equitable Path Forward, a five-year $3.5 billion nationwide initiative in partnership with Netflix to help dismantle the legacy of racism in the housing market and help more marginalized groups become homeowners to create more generational wealth.
“Our vision is nothing short of dismantling the legacy of racism in housing. 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,” said Priscilla Almodovar, president and CEO of Enterprise Community Partners, in a press statement sent to BE.
“Together with our partners, we will close the racial disparities in the housing industry that perpetuate the racial disparities in our communities. To do so, we need to rebalance both power and profit in our industry. Enterprise will leverage $10 million of our own capital, expertise, and unique end-to-end platform to do our part. A big thanks to Netflix for their support and leadership on this issue.”
As part of the new deal, Netflix will pledge $25 million towards the initiative. The project will also include funds to establish small business development programs, leadership training and financial resources, including grants and capital to help preserve affordable communities.
“Black and other historically marginalized leaders have been fighting to better their communities for decades but have lacked the capital to do so. That’s why Netflix is investing $25 million in Enterprise’s initiative,” said Netflix Treasury Director Shannon Alwyn in the statement. “We invite more companies to join the movement and support visionary initiatives like Equitable Path Forward.”