A Different Way of Investing
This is the largest investment to-date from the Foundation’s Inclusive Economy Portfolio, a mission-aligned investment fund to strategically leverage its financial assets using the corpus of the Foundation’s endowments to invest in local businesses and organizations working for social change.
Unlike traditional grantmaking, these local impact investments leverage the Foundation’s own endowment assets to provide not only a social return, but also a financial return that can be reinvested in the community. This program complements and supports the Foundation’s community investment goal of building an inclusive economy.
Promoting Health & Affordable Workforce Housing
The Metropolitan Village project was initiated by United Metropolitan Missionary Baptist Church to catalyze reinvestment in their neighborhood, and they engaged multiple community partners to make this a reality. The project is being developed by a partnership including United Metropolitan Missionary Baptist Church CDC, Liberty Atlantic, Atrium Health, APG Capital, and Catalyst Opportunity Fund. Liberty Atlantic is a Black-owned North Carolina-based firm that is serving as developer, general contractor, and property manager.
Lyvonne Bovell, Chief Operating Officer of Liberty Atlantic, says, "Metropolitan Village is more than a development; it's a testament to Winston-Salem's resilience and commitment to inclusive growth. Through a unique partnership between the church and the private sector, we are setting a precedent for how communities can come together to address critical needs while fostering a sense of belonging and prosperity."
This development provides much-needed affordable workforce housing for essential workers, while adding significant investment in a neighborhood that has been negatively impacted by a history of redlining, displacement, and disinvestment. In total, Metropolitan Village will include 323 units of below-market rate housing, with 25 units deeply discounted to prevent displacement of long-term residents. To help fulfill the vision of housing that promotes health and wellness, the development also includes space for the Maya Angelou Center for Health Equity.
LaTida Smith, president of The Winston-Salem Foundation, notes, “So many of our neighbors are burdened by housing costs and are paying more than 30% of their income on rent. This investment brings together many partners from across the community to provide affordable housing for nurses, teachers, and other essential workers, while simultaneously investing in a neighborhood that has experienced systemic disinvestment. The Foundation is excited to invest our assets in this innovative way.”