The Rocket Wealth Accelerator Program is a partnership between LISC (Local Initiatives Support Corporation) and the Rocket Community Fund to reinforce financial stability for low-income families, especially Black families and families of color, in Detroit, Cleveland, Atlanta and Milwaukee. The program is designed to increase earnings and income while reducing expenses due to inflation, and will be accomplished a number of ways, including helping families with building savings and improving credit. The partnership will provide enhanced financial support to accelerate wealth by utilizing local LISC Financial Opportunity Centers (FOCs), which in turn will provide coaching to residents and put them on a path to homeownership and financial success.
During a press conference announcing the partnership on December 8, rolling out spoke with Rob Lockett, National Housing Stability Team Leader at Rocket Community Fund to learn more.
How important is the Wealth Accelerator Program being launched in cities such as Detroit, Atlanta, Cleveland and Milwaukee?
Programs like this provide an onramp for individuals who have historically been pushed and locked out of an opportunity to build wealth through home ownership. When you look at the disparities between white homeownership and Black homeownership, we want to close that gap. This program allows us an opportunity to do that, test that with a smaller group of people, and then scale it over time.
Why is a program like this needed and how did this program come about?
For all intents and purposes, it really helps us provide individuals an on-ramp into wealth building, which can be achieved through home ownership.
We take a data driven approach to the things that we do. In looking at the housing data that (Detroit) Mayor Duggan referenced during the press conference, with respect to the huge disparity gap in Black versus White homeownership, his remarks were symptomatic of a larger problem. It’s a problem that is in line with our mission to simplify and dismantle those systems that have historically left Black and Brown people out, in terms of being able to own homes and build generational wealth through home ownership. We felt like it was the right thing to do.
Regarding our partnership with LISC, they have been a great partner and we’re continuing to evolve and develop the relationship.
When does the program kick off?
The program will kick off in 2023. We’re in the final stages of deploying the initial capital.