ImpactAlpha, June 14 — Boise, Idaho-based Micron Technology last year committed $50 million to an impact strategy managed by RBC Global Asset Management to spur economic growth in Black and other underserved U.S. communities (see, “Micron invests $50 million to reduce U.S. racial wealth gap”).
Now the tech company is investing $50 million in Seelaus’ Support Housing Equality, or SHE, a vehicle of mortgage-backed securities that aims to increase access to mortgage financing in underserved U.S. communities in the Washington D.C. and San Francisco Bay areas.
The reconstruction
“Ongoing pandemic challenges continue to amplify socioeconomic inequalities disproportionately impacting underrepresented communities across the country,” said Micron’s Sharawn Connors.
The gap in homeownership rates between Black and white Americans grew to over 30% in 2020, higher than the rate in 1960, before the passage of fair-housing laws.
