America, the land of dreams, promises opportunity and prosperity for all… But it’s a promise that often rings hollow for far too many held back by inherently biased systems, none of which are more insidious than the barriers to stable housing. This inequity isn’t just ink on a mortgage agreement; it’s ink on the soul of a nation that can and should do better. It’s the stain of systemic racism, the weight of poverty, and the enduring vestiges of disenfranchisement that have existed for decades.
At a 1966 Chicago Open Housing Movement rally, Dr. Martin Luther King, Jr. said, “We are here because we’re tired of living in rat-infested slums. [….] We are tired of having to pay a median rent of $97 a month in Lawndale for four rooms while whites in South Deering pay $73 a month for five rooms… [….] we are tired of being lynched spiritually and economically in the North.”
The Rocket Community Fund, the philanthropic partner of Rocket Companies, approaches these unique challenges with a vision not merely to help stabilize communities, but to engineer a seismic shift toward housing that is inclusive, equitable, and richly human. More than a philanthropic funder, the Rocket Community Fund seeks to build blueprints for a more equitable housing landscape in America.
Building Blocks for a Revolution: The Four Pillars of the Rocket Community Fund
So, what does this blueprint look like? The answer lies across RCF’s chosen issue areas, which span the entire housing spectrum. First, the Rocket Community Fund confronts the grotesque reality of homelessness, a moral failing that can no longer afford to overlooked. As a lead partner of the Built for Zero movement, led by the nonprofit Community Solutions, the Rocket Community Fund supports more than 100 communities across the country that are seeking to radically shift how they respond to the challenge of homelessness. Their goal is to reach the golden metric of “functional zero” homelessness, meaning that the number of people experiencing homelessness at any time does not exceed the community’s proven record of housing at least that many people in a month. This impressive feat has already been accomplished in several U.S. communities and is a real commitment to transformational change.
Second, the fund looks at the unsettling phenomenon of resident displacement. As housing prices rise, and property taxes with them, longtime residents in urban communities face the risk of losing their homes. Rocket Community Fund addresses this directly with partnerships that provide vulnerable residents with direct support. One example is Rocket Community Fund’s investment in the Atlanta BeltLine Partnership’s Legacy Resident Retention Program, which aims to reverse the tide of displacement due to rising property taxes. This program empowers existing residents to remain in their homes by capping the current property tax amount for residents until the completion of the BeltLine in 2030. Interventions like this nurture a much needed sense of community and stability that makes a neighborhood more than just a zip code.
The Rocket Community Fund’s third pillar of investment focuses on bridging the digital divide in communities, because a stable home is also a connected home. In Detroit, the Rocket Community Fund’s support led directly to the development of Connect 313, a collaborative partnership launched at the Rocket Mortgage Classic PGA Tour Event in 2020. Since its launch, Connect 313 has built 22 new neighborhood technology hubs across Detroit. Detroit also has the highest rate of enrollment in the federal Affordable Connectivity Program, which provides discounted internet service and digital devices. Thanks to these efforts, Detroit has gone from being only 40% digitally included to 70% digitally included in only three years.
Lastly, the Rocket Community Fund wants to ensure everyone who wishes to become a homeowner has the opportunity and education to do so. The Rocket Wealth Accelerator (RWA) program, launched in partnership with Local Initiatives Support Corporation (LISC), ensures that building wealth through homeownership is not exclusive to a privileged few. The RWA provides program participants with 1-to-1 financial coaching and savings matching up to $500 for individuals wishing to save for short- and long-term expenses, like debt reduction or home purchase. By making the path to homeownership less convoluted, the Rocket Community Fund is helping prospective homeowners build generational wealth.
Community First: A Human-Centric Approach
At the root of every one of these investments is the Rocket Community Fund’s commitment to understanding the needs of the community. The Rocket Community Fund’s work is not dictated from a corporate boardroom. Their programming initiatives and organizational marketing are deeply reflective of the communities they serve. They focus on using real data to find insights that lead to actionable changes that empower communities to help themselves. The Rocket Community Fund’s deep commitment to human-centered innovation is a reflection of the core values of Rocket Companies itself.
A Future Reimagined
The Rocket Community Fund knows a house is more than four walls and a ceiling; it’s a place to raise a family in a safe and stable environment. In taking on the Herculean task of breaking down barriers in housing, Rocket Community Fund is drawing us closer to an equitable future, where housing access become less and less of an issue for those on the margins of society. As we move forward, the focus and initiatives tackled by Rocket Community Fund will hopefully deliver a landscape that resembles the America we should—and could be.
For more information on Rocket Community Fund, please visit https://www.rocketcommunityfund.org.
Sources: https://time.com/5096937/martin-luther-king-jr-picture-chicago/
