On May 17, the Chicago Urban League hosted a groundbreaking Policy Summit at the Marriott Marquis Chicago, drawing nearly 300 business and civic leaders to address critical issues impacting Black Chicagoans. Themed “The State of Black Chicago: Solutions,” the summit aimed to tackle racial disparities in homeownership, employment, and income, with a focus on actionable solutions.
Engaging Panels on Wealth Building
The summit featured two compelling panel discussions centered on wealth building:
- Increasing Homeownership as a Wealth Building Tool
- Family Sustaining Careers as a Wealth Building Tool
These panels provided a platform for industry experts to share insights and strategies to enhance economic equity for Black residents of Chicago.
Honoring Leadership and Commitment
Former U.S. Secretary of Housing and Urban Development, Marcia Fudge, was honored with the Humanitarian Award for her contributions to housing equity. Her recognition set the tone for a summit deeply committed to impactful change.
Addressing Racial Disparities in Homeownership
The first panel, “Increasing Access to Homeownership as a Wealth Building Tool,” highlighted the efforts of the Chicago Urban League’s Appraisal Bias Taskforce. This task force was established in response to the alarming increase in the racial gap in home values in the Chicago area, which surged from $50,000 in 1980 to $325,000 in 2020. The panel featured:
- Wil Hendrix-Griffin, Senior Vice President, Affordable Lending for PNC Bank
- Lutalo McGee, Real Estate Broker and CEO of Ani Real Estate
- Moderator: Pamela Stalling, Vice President, Housing & Financial Empowerment for the Chicago Urban League
Panelists discussed the task force’s work and offered recommendations to mitigate appraisal bias and improve access to homeownership for Black families.
Fostering Family-Sustaining Careers
The second panel, “Family Sustaining Careers as a Wealth Building Tool,” focused on bridging the income gap between Black and white households in Chicago. The 2023 State of Black Chicago report highlighted a stark disparity, with Black households earning an average of $35,965 annually compared to $82,294 for white households. This panel included:
- Marion Jones, Vice President, Workforce Development & DEI Engagement for Nexamp
- Robert McGhee, Senior Vice President, Community Impact Territory Manager, North Region for Fifth Third Bank
- Moderator: Andrew Wells, Vice President, Workforce Development for the Chicago Urban League
The discussion emphasized the League’s efforts to train and certify Black Chicagoans in emerging industries, ensuring access to jobs that offer livable and family-sustaining wages.
A Call to Action
Karen Freeman-Wilson, President and CEO of the Chicago Urban League, underscored the summit’s focus on solutions, stating, “While we are committed to addressing problems directly, we are equally focused on presenting solutions, which is the focal point at this year’s Policy Summit. We are happy to feature engaging panels from industry leaders, including some of the League’s own, that will tackle solutions to achieving wealth from a housing and workforce standpoint. It’s sure to be a great convening.”
Moving Forward
The 2024 Policy Summit was a pivotal step toward advancing social and economic equity for Black Chicagoans. The Chicago Urban League extends heartfelt thanks to all attendees and contributors for their dedication to these vital conversations. Together, we are forging paths toward a more equitable future for all.
For more information on the Chicago Urban League’s initiatives and upcoming events, visit thechicagourbanleague.org.
Here are more photos from the CUL 2024 Policy Summit:
