HBCUs have a strong supporter who putting its money where its mouth is.
Investment company The Steinbridge Group recently announced a $100 million, privately funded commitment to HBCUs.
“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 in a statement. “I look forward to partnering with Historically Black Colleges, Universities, and other institutions.”
Per a news release, Steinbridge is finalizing initial catalyst developments and plans to commit at least $100 million into those developments over the next year.
Data shows HBCUs have been underfunded by $12 billion, according to federal officials.—The Steinbridge Group says one of its goals is to ensure that HBCU graduates and staff have the opportunity to take advantage of homes delivered through the partnerships. As part of the initiative, Steinbridge plans to collaborate with partner HBCUs to make it possible for graduates to become homeowners, building wealth in communities that are at risk of displacement due to the impacts of gentrification in transitioning neighborhoods.
“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. 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,” 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