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San Diego Minority Reinvestment Coalition
 

ASSETS & HOPE
Promoting Increased Community Reinvestment into San Diego Minority Communities through Advocacy & Development

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San Diego Minority Community Reinvestment Coalition

San Diego Racial Wealth Gap Facts:

  • Minorities account for over 62% of the population (Adjusted to include undocumented residents of San Diego)
  • Minorites account for over 82% of San Diego poverty (Adjusted to include undocumented residents of San Diego)
  • Wealth Gap between whites and minorities has grown 21 to 1
  • San Diego White Median Household Income $66,017 versus Latino Median Household Income of $43,601
  • Hispanics account for less than 11% of 2013 San Diego Conventional-FHA Home Loans - African Americans account for less than 1% of 2013 San Diego Conventional-FHA Home Loans.
  • San Diego minorities are declined for home loans more than 4 to 1 over non-minorities
  • Latinos account for over 48% of California and San Diego forclosed homes
  • Less than 3% of all available private equity is invested in minority firms in any given year, despite minorities accounting approximately 54% of the San Diego population
  • Less than 47% of San Diego minorities are covered by health insurance
  • Over 87% of San Diego's minorities reside in low to moderate income communities
  • More than 78% of San Diego minority families are headed by a single mother and are living in poverty
  • San Diego Unified School District (2012): African Americans (11% of students-78% classified as socio-economically disadvantaged) Latinos (45% of students-84%  classified as socio-economically disadvantaged) Asian (14.8% of students-60% classified as
    socio-economically disadvantaged
  • San Diego Unified School District (2012) High School Drop out Rate: White (6.7%) African American (14.3%) Latino (13.2%) Asian (14.4%)
  • San Diego Unified School District (2011)-4th Graders: Math Proficiency- White  (66%) African American (17%) Latinos (24%)  Reading Proficiency- White (57%) African American (17%) Latinos (17%)
SD MCRC Presentation San Diego Racial
Economic Studies
Housing Data Events

Recent News:


Washington DC Housing officials (FHFA, FannieMae, FreddieMac & NCST) Tour FMCRCTampa Housing Projects that Focuses on Raising Home Values in Minority Communities To Address The Rising Wealth Gap. To Date, FMCRC Has Been Successful in Raising Minority Home Values By Over $220 million dollars.

(click on this for attachment with photos and tour highlights)


FMCRC Chair Al Pina Demands National Minority CRA Summit in DC; Official Letter to Federal Reserve Board Chair Janet Yellen (Proposed Hunger Strike) Click Here For Copy of Letter


FMCRC-CCB Request Congressional Investigation of Bank of America on Predatory Lending To Latinos and Blacks as part of City of Miami Federal Lawsuit Against BofA. Click Here For Copy of Congressional Letter


2014-2015 FMCRC-SDMCRC Annual Report: Click Here For Copy of Report


FMCRC Creates and Leads Launch of Florida First Race Based Race Focused Community Development Fund to Fight Poverty With New Market Driven Non Profits. FMCRC Calls on Wells Fargo and Bank of America to Conduct National Racial Audit of Community Funds they Invest into Click Here For Copy of Press Release


Access to Capital Program:
Changed from April 9th to April 8th

Date: 4/8/2015
Time: 4:00 - 6:00 pm

Address:
345 15th St
San Diego, CA 92101


FMCRC/SDMCRC-California Community Builders-Greenlining Call for Federal Investigation of CIT-One West CEO. Intimidating minority leaders and nonprofits through grants & Setting Race Relevant CRA Conditions For Merger Approval click here to read letter

For Copy of Letter Requesting Investigation Setting Race Relevant CRA Conditions: click here


Florida Racial Wealth Gap Report: Rebuilding Minority Communities
Click here for copy of report


FMCRC/SDMCRC-California Community Builders-Greenlining Call for Federal Investigation of CIT-One West CEO.  Intimidating minority leaders and nonprofits through grants & Setting Race Relevant CRA Conditions For Merger Approval click here to read letter

For Copy of Letter Requesting Investigation Setting Race Relevant CRA Conditions: click here


Minority Organizations Unite To Create Access to Capital: Addressing the Racial Wealth Gap and Racial Income Inequality. Click here for copy of press release


Study finds Racial Wealth Gap Growing - Florida still has major income inequality. Click here for news report


Wells Fargo, Bank of America, Chase, and US Bank stepping up to provide increase access to capital for San Diego based minority construction and construction related companies. Banks to present Access to Capital Business Forum February 4, 2015. Details coming soon.


FMCRC Request meeting with Pope Francis and African American Leaders and Families to discuss growing economic and social racism against African Americans in U.S.
Click here for copy of letter


San Diego's largest Latino newspaper (El Latino) highlights launch of San Diego Minority Construction Coalition and Creation of jobs, lack of access to capital and racial wealth gap for minorities in San Diego. Click here for article


Federal Reserve Chair Janet Yellen states rising income inequality harmful to United States. Federal Reserve Study (Income Inequality/Racial Income Inequality):

  • 2010-2013: White Median Net Worth +2% ($142,000) San Diego +4% ($168,200) Florida +3 ($157,330)

  • 2010-2014 Minority Net Worth -17% ($18,100) San Diego -27 (12,300)
    Florida -21 ($16,600)

For link to Federal Reserve Study and Rising Racial Wealth Gap: click here


Major Spanish Media Outlets highlight San Diego Minority Construction Coalition and targeting of increased access to capital and contracts to battle rising minority poverty and the Racial Wealth Gap in San Diego.

Click here for Univision Feature News Story

Click here for Telemundo News Story


RECAP:

San Diego Minority Organizational Leaders meet with Federal Banking Regulators to discuss lack of access to capital & fast rising racial wealth gap in San Diego. Click here for photos & recap


Historic Meeting November 3rd, 2014 between Federal Regulators of Banks and key San Diego Minority Leaders on rising poverty and racial wealth gap for minorities in San Diego. Click here for copy of press release


San Diego Minority Construction Coalition Launch Reception a big success: Click here for reception recap photos


Florida Racial Wealth Gap Summit Coming to Tampa in September. Will address economic impact on Florida future economy. Click here for save the date flyer

 

San Diego Minority Community Reinvestment Coalition is working with the following organizations to bring increased reinvestment and capital into San Diego minority low and moderate income communities:

  • The 100
  • Urban Leadership Development Institute
  • San Diego Minority Construction Coalition
  • San Diego County Hispanic Chamber of Commerce
  • National Latina Business Women Association - SD
  • San Ysidro Education Vanguard Foundation
  • Latina Foundation
  • California Community Builders
  • Barrio Arts Foundation
  • Kids on the Block of San Diego
  • National Association of Black Women in Construction
  • National Hispanic Construction Association
  • Puerto Rican Coalition
  • and more to come....
@ 2016 - All rights reserved San Diego MCRC 345 15th St, San Diego, CA 92101 | Phone: (619) 481-7624 | Email: vortega@fmcrc.org