>> CATHY: EARLIER THIS WEEK THE GROUNDBREAK COALITION ANNOUNCED IT HAS GATHERED NEARLY $1 BILLION IN PLEDGES AND INVESTMENTS TO HELP BUILD WEALTH IN TWIN CITIES BLACK COMMUNITIES.
THE COALITION WAS CREATED NEARLY A YEAR AND A HALF AGO.
IT INCLUDES MORE THAN 40 PRIVATE, PUBLIC AND PHILANTHROPIC ORGANIZATIONS.
KEVIN BENNETT IS WITH THE GHR FOUNDATION AND SPOKE AT TUESDAY'S EVENT.
WELCOME TO "ALMANAC."
>> THANK YOU.
THANK YOU FOR HAVING ME.
>> Cathy: THAT'S A LOT OF MONEY WE'RE TALKING ABOUT HERE, A LOT OF MONEY.
>> THAT'S A GOOD THING.
>> Cathy: EXACTLY.
HOW DOES THAT MONEY BUILD WEALTH?
>> MMM, GREAT QUESTION.
YOU KNOW, GROUNDBREAK IS REALLY ABOUT COLLECTIVE WILL AND INTENTIONAL ACTION.
YOU HAVE SOLIDARITY BETWEEN PHILANTHROPIC COMMUNITY, THE CORPORATE COMMUNITY, THE CIVIC COMMUNITY.
ALL IN THE SAME PAGE, COMING TOGETHER TO SAY THAT WE'RE GOING TO ADDRESS RACIAL WEALTH AND OPPORTUNITY GAPS.
AND NOT ONLY TO ADDRESS THEM BUT TO AGGREGATE CAPITAL AND DEPLOY IN A NEW WAY.
I THINK THAT'S THE KEY WITH GROUNDBREAK IS HOW THE CAPITAL IS GOING TO BE DEPLOYED.
TO BE ABLE TO LEVERAGE PHILANTHROPIC DOLLARS, WHICH ARE TYPICALLY FLEXIBLE, A LITTLE BIT MORE PATIENT AND COMBINE THAT WITH WHAT THE BACHTION CAN DO WHERE -- BANKS CAN DO WHERE YOU HAVE MORE RULES AND MORE POLICY, BUT HOW DO WE UNLOCK THAT OPEN MARKET CAPITAL THAT THEY HAVE IN BANKS ND BE ABLE TO GET THAT IN THE HANDS OF ASPIRING HOMEOWNERS, ASPIRING BUSINESS OWNERS, ENTREPRENEURS AND COMMUNITY DEVELOPERS.
THAT'S WHAT WE'RE LOOKING TO DO.
>> Eric: BANKS HAVE REALLY BEEN PART OF THE PROBLEM IN THE PAST, NOT PART OF THE SOLUTION WITH REDLINING AND SO FORTH AND ITH 40 COALITION MEMBERS, OW ARE YOU GOING TO KEEP EVERYBODY ON THE SAME PAGE?
[ Laughter ] >> YOU KNOW WHAT I HAVE SEEN AND WHAT I HAVE EXPERIENCED, BEEN AT THE TABLE WITH GROUNDBREAK IS EVERYONE IS ENTHUSIASTIC ABOUT THE BIG VISION.
TO HAVE A LEADER LIKE TANYA ALLEN FROM McKNIGHT REALLY CARRYING THIS VISION FORWARD.
SHE'S EXTRAORDINARY.
IT'S A UNIQUE OPPORTUNITY, RIGHT, FOR US TO CREATE ON RAMPS RATHER THAN SEEING CHALLENGES AND OBSTACLES, I THINK WE'RE APPROACHING WORK MORE ABOUT BUILDING BRIDGES, CREATING PIPELINES AND PATHWAYS FOR BANKS OR FOUNDATIONS AND OTHERS TO COME TO THE TABLE WITH WHAT THEY CAN COME TO THE ABLE WITH.
>> Cathy: SO LET ME ASK YOU THIS.
RIGHT NOW I BELIEVE, I SAW THIS FIGURE, ONLY 29% OF HOMEOWNERS IN THE TWIN CITIES ARE BLACK, BUT BACK IN, LIKE, 1950, IT WAS 46%.
SO TRYING TO GET FOLKS INTO HOMES IS A WORTHY GOAL, RIGHT?
SO HOW WOULD YOU DO THAT?
WOULD YOU MAKE MORE MORTGAGE MONEY AVAILABLE?
COULD FOLKS GET MORTGAGE LOANS IN A DIFFERENT WAY?
TO OPEN THOSE DOORS.
>> YOU KNOW, GREAT QUESTION.
AND I THINK OVER TIME SPECIFIC DETAILS WILL START TO ROLL OUT.
BUT WE'RE LOOKING, NOT ONLY AT HOMEOWNERSHIP AND WHAT YOU DESCRIBE IN TERMS OF HOW DO WE MAKE MORTGAGES MORE AFFORDABLE, HOW DO WE WORK WITH BANKS TO ACHIEVE INTEREST RATES THAT WORK FOR FOLKS, BUT WE'RE ALSO LOOKING AT RENTAL HOUSING AS A STEP FOR FOLKS TO ACCESS THE TYPE OF ENVIRONMENT THAT'S GOING TO PUT THEM ON STABLE GROUND AND ALLOW THEM TO PURSUE PROSPERITY.
>> ric: ARE WEALTH -- OUR WEALTH DISPARITY IN MINNESOTA, LIKE SIXTH WORST, SIXTHING WORST IN THE COUNTRY.
-- SIXTH WORST IN THE COUNTRY.
WHERE DO YOU START?
I MEAN -- >> YOU START WITH ONE FOOT IN FRONT OF THE OTHER.
YOU KNOW?
AT GHR, OUR FOUNDATION, OUR FOUNDERS, THE LATE OPUS GROUP FOUNDERS, JERRY AND HENRIETTA ROUNDHORSE, WE HAVE GUIDING VALUES, ONE THAT I LOVE IS REIMAGINE WHAT'S POSSIBLE, RIGHT?
SO WHEN YOU LAY OUT THAT STATISTIC, THAT DATA, WE KNOW THAT THAT'S THE REALITY THAT WE'VE LIVED IN IN MINNESOTA, BUT IT'S A VERY PROSPEROUS STATE.
AND IT'S A VERY GIVING STATE.
MINNESOTA'S ALSO ONE OF THE MOST GIVING STATES.
>> Eric: WHY NO BLACK MIDDLE CLASS, UPPER MIDDLE CLASS LIKE YOU HAVE IN OTHER CITIES, CHARLOTTE, ATLANTA LOUISVILLE, THERE'S A LOT OF EXAMPLES.
>> I THINK WHO I HEARD SAID IT BEST IS SUSAN BASS ROBERTS, WHO LEADS THE POHLAD FOUNDATION, YOU KNOW, SHE SAID AT OUR ANNOUNCEMENT THAT, YOU KNOW, IT'S BEEN RACE-SPECIFIC POLICIES AND PRACTICES THAT HAS REDLINING, KEPT PEOPLE OUT OF OPPORTUNITY.
SO WE HAVE TO BE VERY VERY INTENTIONAL IN MAKING SURE THAT WE CENTER RACE, RIGHT, CENTER THOSE WHO HAVE BEEN FURTHEST AWAY FROM PROSPERITY TO MAKE THAT HAPPEN, AND, SO, WHILE WE HAVE A HISTORY HERE OF NOT, YOU KNOW, ALL COMMUNITIES MOVING FORWARD, THEN ENJOYING THE FRUITS OF THIS REGION IN TERMS OF MINNESOTA, THE TWIN CITIES, I THINK THAT WE'RE AT A PLACE WHERE WE'RE LOOKING FOR A NEW NARRATIVE AND I'M JUST PLEASED THAT SO MANY FOLKS ARE AT THE TABLE IN OLIDARITY AGAIN TO MAKE THAT HAPPEN.
>> Cathy: ALL RIGHT.
WE WISH YOU WELL.
>> THANK YOU.
>> Cathy: THANK YOU.
HAVE YOU BACK AND GET A PROGRESS REPORT.
>> Eric: KEEP US POSTED.