Real Estate Equity
The Port is incredibly proud of the impact we have been able to make, and the trust placed in us to make investments on behalf of the City of Cincinnati and Hamilton County to improve properties and drive growth. As we do the work of repurposing vacant properties, restoring industrial sites to productive use, and financing a variety of complex capital projects, we always consider, 'Who is benefiting from this work – now and in the long-term? How can we do more within our scope to expand access to local opportunity through real estate?'
We will continue to leverage our unique tools and skills toward the region’s most pressing needs around expanding opportunity. Because after decades of population loss, and targeted areas of disinvestment, Cincinnati is again a place to invest. But prosperity is not evenly distributed across the population, and as noted in the 2015 State of Black Cincinnati report, we are still a tale of two cities, with white prosperity far outpacing black prosperity
"When it comes to wealth–the paramount indicator of economic security–there has been virtually no progress [for African Americans] in the last 50 years...The typical black family today has only 10 cents for every dollar held by the typical white family." - Fast Company, "This is why the wealth gap between black and white americans persists"
Ways we are working to increase equity through our region's real estate:
- Growing our efforts to improve affordable homeownership. Affordability requires subsidy, and we will explore how we can attract more investment to accelerate the supply of available homes.
- We are taking on the ownership and improvement of apartments as part of our housing strategy.
- We are promoting education about real estate finance and development, and help structure deals with expanded opportunity for equity.
- Through patient loans, we are building commercial districts with local microenterprise.
- We are playing a larger role in increasing the percentage of real estate across our City and County that is owned by African Americans.
As we expand our focus on equitable development, we build on a legacy of supporting and empowering minority-owned, women-owned, and small businesses. The adoption of policies by The Port during its first year of operation demonstrated the depth of that commitment.
The Port, Landbank, and HURC Projects and Operations
Breakdown across all entities - 2018
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