The Student Freedom Initiative, a nonprofit organization supporting historically Black colleges and universities through debt relief and investments, has partnered with the Steinbridge Group to develop affordable housing on or near HBCUs’ and other minority-serving institutions’ campuses. The newly established partnership follows a recent pledge from the Steinberg Group, a real estate investment firm based in Philadelphia and New York City, to commit $100 million to various HBCU and MSI initiatives.
The collaborative effort will examine real estate assets at participating schools and look to revitalize any owned properties that are currently not being used to their full potential. The goal of the project is to ultimately improve economic growth in the local communities surrounding HBCUs and MSIs, as well as address the ongoing funding concerns at these institutions.
“In order to educate and train the next generation of diverse leaders and innovators, institutions must have access to an affordable education, and they must be surrounded by a thriving community,“ says Robert F. Smith, founder and chairman of the Student Freedom Initiative. “Through Steinbridge’s commitment, these communities will have the resources to transform underutilized space to help to attract and retain talent while helping to make a college education affordable for students.”
The investment groups will evaluate interested HBCUs and MSIs to determine the recipients of their funding based on factors such their land ownership within the local community, the school’s ability to take on a project of this caliber, and the capability of the institution’s leadership to oversee the endeavor.
