Nonprofits are building Black wealth through home buying – Spectrum News 1

LOUISVILLE, Ky. — Home ownership is one of the most successful ways of building wealth in Black communities, and that is the goal for two nonprofits working together in the Russell neighborhood.


What You Need To Know

  • Russell: A Place of Promise is a nonprofit helping Black residents and families build wealth
  • Rebound Inc. is a Black-owned nonprofit housing developer 
  • The two organizations are working together to purchase and renovate properties and help low and median-income families purchase them

Jackie Floyd walks through a three-bedroom bungalow in Louisville’s Russell neighborhood and is blown away.

“It is so beautiful,” Floyd says.

Floyd has lived in Russell for more than 30 years and she knows this corner property well, at least from the outside. Not that long ago, the home was abandoned and overgrown.

“It had weeds and I’m going—I wonder who lived in this house and what happened to the house?” Floyd recalls.

But now, she’s touring the recently remodeled home, and it’s in showroom condition.

Inside a Rebound Inc. home on 413 Dr. W.J. Hodge Street (Spectrum News 1/Jonathon Gregg)

The home is a prime example of what two organizations can accomplish by working together.

Floyd is the Lead Community Outreach Specialist for Russell: A Place of Promise.

“We partner with the families to build Black wealth for themselves and the community, but the magic thing about it is how they want to build Black wealth for themselves,” Floyd told Spectrum News. 

One of the most successful ways to build generational wealth is to own your home. 

Rebound Inc. is a Black-owned nonprofit housing developer devoted to helping low-to-moderate-income families buy quality homes.

“We’ve probably put—217 families have been able to purchase a home through Rebound,” Kevin Dunlap, Rebound’s executive director, told Spectrum News 1.

Rebound purchased this abandoned home and renovated it, and in the coming weeks Dunlap will hand over the keys to its new owners.

“And to see the joy in the family’s faces, particularly if they bring their kids to the closing and for the kids to say now I have my own room. That means more than anything to me,” Dunlap explained. 

While this home is spoken for, Rebound is developing more properties across the street and Russell: A Place of Promise wants to help more families move in.

“We also partner with the Louisville Urban League and the Center for Financial Empowerment. That is a place where folks who want to purchase a …….

Source: https://spectrumnews1.com/ky/lexington/news/2022/04/07/affordable-housing-building-black-wealth-home-buying