News & Updates
Updates from the Coalition
GroundBreak Announces RFPs for Origination Partners for Commercial Real Estate
GroundBreak Coalition is seeking up to five (5) origination partners to make special purpose credit program loans to contribute to building Black wealth through commercial real estate developments, including mixed-use neighborhood developments with housing and other business developments. These origination partners (e.g., community lenders, CDFIs, and other financial intermediaries) are a crucial component of the GroundBreak new financial system. They will facilitate the flow of capital to developers who can build wealth for themselves and create equitable economic opportunities in underinvested communities.
GroundBreak Coalition’s Path on Rental Housing
A key area where we have more work to do, as a Coalition and as a state, is in addressing the affordable housing crisis. Where we live determines everything, and stable housing underpins every other wealth-building activity. However, for too many MSP residents, particularly families earning less than 40% of area median income (AMI), there is an acute shortage of rental housing that is affordable. Identifying long-term and permanent breakthroughs in this area is critical for our region and for GroundBreak’s vision of a future where every resident, no matter their race or background, has the opportunity to build wealth and achieve their aspirations in MSP.
GroundBreak Coalition Shares Progress Toward Ambitious Vision During Community Briefing
On October 31, GroundBreak Coalition announced an early collective financial commitment of nearly $1 billion to expand wealth building opportunities, with a current focus on aspiring Black homeowners, entrepreneurs, and commercial developers. The news was shared with nearly 200 community members including nonprofit, philanthropic, public, and private sector leaders at Sabathani Community Center in Minneapolis. See highlights from the event.
Collaboration to the Max: Transforming our Region Together
Over the next decade, GroundBreak is working to secure $1.2 billion in flexible capital to build Black wealth, close racial wealth gaps, and create a more prosperous region for all. This is a leadership moment that will define us. We can show the world what it takes to transform and be a place that truly works for everyone.
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Other Coalition Updates
See GroundBreak Coalition workgroup recommendations, monthly update call recordings, and past meeting summaries.