Beyond Diversity: Black Wealth and U.S. Economic and Industrial Transformation

I recently had the incredible opportunity to attend a transformative retreat in Oakland, California, surrounded by passionate racial equity advocates. Our main focus was to support racial equity objectives in the implementation of the federal government's place-based industrial policy agenda, with a particular emphasis on generating black wealth through the powerful combination of the Infrastructure Bill, Inflation Reduction Act, and the CHIPS Act at the Federal, State, and local levels.

Maximizing the Impact of Federal Investments for Racial Equity

Once-in-a-generation federal investments present immense potential for positive change. Still, we must recognize that more than they alone will be needed to address population-level racial equity impacts thoroughly. Advocates for equity should help bridge the capacity gap among equity-centered networks and alliances, enabling them to apply for and execute successful projects aligned with a long-term agenda. To intentionally link racial and geographic strategies to regional economic competitiveness, we must align equity-centered efforts with factors that promote industry growth and job creation.

I am studying Community Investment Frameworks and Community Benefits Agreements, powerful tools that have advanced Black wealth and community development. Community Investment Frameworks increase economic opportunities for Black communities through targeted investments in affordable housing, job training, and infrastructure improvements. On the other hand, Community Benefits Agreements, with provisions for affordable housing and local job opportunities, directly benefit Black residents in large-scale projects. These concepts historically addressed systemic disparities and promoted inclusive economic growth and wealth-building opportunities for Black Americans.

Empowering Coalitions for Success in Federal Grant Applications

Equity-centered organizations and networks must better understand the benefits and costs of competing for federal grant programs. While these grants can incentivize collaboration and innovation, addressing potential racial disparities in accessing these funds is necessary. Thoughtfulness is required to seize these opportunities while acknowledging the opportunity costs involved. Additionally, supporting coalitions in exploring alternative funding avenues or programs with better odds of success can be beneficial. Forming solid alliances is crucial to increase the chances of success in applying for federal grants. By pooling resources, skills, and experiences, coalitions can develop comprehensive proposals that meet grant requirements. Ensuring that these coalitions are racially equitable and inclusive requires stakeholder mapping to reflect the diversity of the population. It is essential to foster an environment where every voice is heard and all stakeholders have an equal opportunity to participate in decision-making and governance processes.

Affordable Technical Assistance and Long-Term Mobilization

Access to quality technical assistance support for place-based coalitions with limited resources is vital. We must explore how to make advanced technical assistance and subject matter expertise more affordable for coalitions with fewer resources. This could include technical assistance programs that utilize open-source tools, leverage existing infrastructure and partnerships, and other cost-saving strategies that can reduce the cost of advanced technical assistance. Encouraging coalitions to explore alternative funding options can also maintain momentum and viability in their initiatives. While we seize the promise of these federal investments, we must be aware of the need for sustained mobilization around a racial equity agenda.

History teaches us that a comprehensive strategy for racial equity must include the development of coalitions, networks, and organizations that effectively mobilize communities around a shared agenda. Building robust community civic infrastructure will support ongoing efforts beyond immediate grant funding opportunities. Empowering equity-centered networks and alliances, fostering collaboration, and supporting coalitions can pave the way for a more just and prosperous future for all communities.