Netflix is investing big in initiatives geared towards racial equity and provision of wealth within the Black community. As part of its latest efforts, the streaming giant in partnership with Enterprise Community Partners is helping to end the racial housing gap for BIPOC families in the housing market in order to empower marginalized groups financially.
On Monday, Netflix announced a donation of $25 million which would be going to Enterprise Community Partners, a nonprofit group committed for decades to building and financing affordable housing.
Netflix in efforts towards bridging the gap committed cash to the group’s Equitable Path Forward program, a nationwide initiative hoping to stop practices that fuel a growing racial wealth gap in housing.
“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 deal, the project will also dedicate 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.”