We are working toward a day when every Chicagoan has the assets to care for their family and invest in their future. To achieve this, the Trust works to increase equitable access to wealth-building tools for households and communities that have faced systemic barriers to building wealth.
The Chicago region’s household wealth gap is stark, stifling the entire region’s economic potential. Research shows that historically underinvested communities suffering from a lack of wealth equity are primarily home to Chicago’s Black and Latine residents.
According to the Color of Wealth in Chicago, the median net worth of Chicago-area households ranges from $210,000 for whites, $40,500 for U.S.-born Mexicans, $24,000 for Puerto Ricans, $6,000 for foreign-born Mexicans, to $0 for Blacks.
The gap can remain even when people buy homes or complete college. Home values and home equity in underinvested communities lag white homeowners while higher-earning Black and Latine households are less likely to be financially secure than white households.
For households that have faced systemic barriers to building wealth, the Trust has identified two areas where we believe we can have the greatest impact: (1) increasing homeownership and home equity and (2) boosting income and financial assets.
For those that have faced systemic barriers to owning a home and building equity in that home, our goals are to:
Increase rates of new homebuyers by: Testing 3 new mortgage products for moderate income households to buy homes, and expanding the number of affordable homes under construction and being rehabbed
Support existing homeowners to stay in place: Testing 2-3 home repair models designed to keep families in homes and build equity, conducting research on estate planning supports and potential policy solutions, and exploring and implementing reforms to reduce property tax burdens
For those that have faced systemic barriers to attaining quality employment and growing their income:
Increase the number of individuals entering quality, living wage jobs by: Investing in wraparound services and workforce entry/retention programs, and supporting completion of workforce programs to facilitate entry and retention in the workforce
Increase employment of under-represented workers in jobs that build wealth by: Supporting employers in updating hiring, retention and educational attainment programs
We are working toward a day when every Chicagoan has the assets to care for their family and invest in their future. To achieve this, the Trust works to increase equitable access to wealth-building tools for Chicagoans who have otherwise lacked it.
As we move forward, we are committed to learning together, adjusting, and being responsive. We will use insights from our grantmaking and input from our partners to shape our learning journey and approach.
The Trust collaborates with a wide range of external partners, including community organizations, local government, and civic and corporate leaders, on ways we can work together or alongside one another to help increase wealth, opportunities and well-being for every Chicagoan.
Here are opportunities to engage:
Whether you are a donor, a community leader, work for a nonprofit, lead a company, or serve as a local government representative, we invite you to join us in increasing opportunities for Chicagoans to build wealth to create a stronger Chicago region.
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Please contact Shandra Richardson, Senior Director of Household Wealth, at srichardson@cct.org, or Adele Nandan, Director of Donor Engagement, at anandan@cct.org.
