When the United States Congress passed legislation in late 2000 to revitalize the urban core with incentives for equity investors, African Americans were inconspicuously absent as stakeholders in the enterprise. Subsidies in the form of tax credits were instead gobbled up by investor groups who developed upscale hotel-convention centers, high priced condominiums, and symphony orchestra venues that the pre-existing poor residents could not afford. The focus of this Article is not to blame those investors who took advantage of the opportunity, though they perverted the purpose of the subsidy. Rather, this Article seeks to identify a new substrata of the African American middle class who can step up to seize the opportunity for the benefit of the low income residents in the low income communities as the law was designed.
Roger M. Groves,
Time to Step Up: Modeling the African American Ethnivestor for Self-Help Entrepreneurship in Urban America,
Mich. J. Race & L.
Available at: https://repository.law.umich.edu/mjrl/vol13/iss1/3