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Hood Robbing: Community Development in Detroit Discussion II

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Community Development in Detroit Discussion II featuring Raul Echevarria, Khary Frazier, and Yusef Bunch Shakur Tuesday, March 10, 2020, at the University of Detroit School of Architecture in the Peter Peirce Room.

Presented by Community Movement Builders, Detroit is Different, Michigan Roundtable for Diversity and Inclusion, and the University of Detroit

In this discussion, I (Khary Frazier) framed information and questions to focus on the business (money) of community development.

My premise was many corporations are using the distressed status (perpetually marketed by media of Detroit) to leverage subsidies, tax relief, unchecked lending, and neglectful investment. In this talk defining these practices with Yusef & Raul was important.

CDFI’s (Community Development Financial Institutions) of Detroit have received over 182 Million dollars connected to the CDFI program that was established to assist housing, businesses, and non-profit organizations in community development. The CDFI program was started from the Riegle Community Development and Regulatory Improvement Act of 1994 (here is a link to the act that establishes CDFI’s surprisingly very thorough https://www.fdic.gov/regulations/laws/rules/8000-5400.html). In 1996 the first Detroit CDFI monies from the US Treasury were sent to Shorebank receiving 3.75 million dollars. Here is an article by NYTimes as a brief overview of why Shore Bank failed (according to many financial analysts) https://www.nytimes.com/2010/05/23/business/23cncshorebank.html, many felt that the risks with homeowners were too much for Shorebank.

Currently, CDFI’s have no needed oversight but there is a third party ranking system developed by Aeris that many use to audit their effectiveness. Here is a link to the Aeris website: https://www.aerisinsight.com/ . CDFI’s can also receive funding from banks (like Bank of America) and foundations (like Kresge) in the form of investment and/or grants. Many banks pay for and submit the Aeris audit request to verify the livelihood and financial legitimacy of the CDFI (which I think is problematic because traditional lending has been so racist, here is a great book about the practice released last year: https://www.amazon.com/Color-Money-Black-Racial-Wealth-ebook/dp/B076526LW5).

What began as a journey engaging hip-hop audiences, has grown into a career as a marketing consultant. As business people have seen my work, I was propositioned many times to provide graphic design, photography, videography, event planning, website development, and social media campaigning. These initial business contracts inspired me to build Creative Differences Marketing. I’ve balanced my entrepreneurial experience with formal education from Walsh College of Business and Accountancy. My degree in Marketing serves me well in understanding many of the formal, universal, and theoretical marketing approaches used in corporate environments.Formulating this business model has been anchored by the success of my BLOG ‘Detroit is Different.’ I create all content for Detroit is Different. This serves as a prototype of the ways I can design events, websites, graphics, music, podcasts, social media campaigns, and e-mail campaigns. ‘Detroit is Different’ focuses on the people and places of Detroit that add to the culture. Through these people and places, themes are driven. These themes will partner with, sponsor, and advertise for businesses and organizations using this innovative multilevel marketing approach.

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