Social Impact

Freedom Communities (只提供英文版本)

2023年5月 – 3 分钟 阅读

In this Q&A, Elizabeth Cooper, Barings Director, Social Impact, speaks with Hannah Beavers of Freedom Communities about collaborating on a holistic approach to tackling generational poverty in Charlotte.

Elizabeth Cooper: Tell me about how Freedom Communities began

Hannah Beavers: We formed following a Harvard and UC Berkeley study that determined that a zip code in which a child is born in the U.S. is the greatest indicator of his or her upward mobility, or lack thereof.

The study looked at the 50 largest cities and found that a child in Charlotte had the least amount of upward mobility than any other child in the country. That was a huge wake-up call for us. We chose the Freedom Wilkinson corridor in Charlotte, located within the zip code with the greatest number of families with children living below the poverty line, and the highest concentration of single mother households.

To address generational poverty, we believe that a holistic approach that addresses affordable housing, expanding access to quality early education, and supporting single mothers is key. All these issues combined impact sustained upward mobility.

EC: What is the current state of economic mobility in Charlotte?

HB: To afford a two-bedroom apartment, you need to make at least $22.15/hour. With inflation and rising interest rates, we’re seeing a drastic increase in living expenses and what used to be a living wage doesn’t even come close. This can be extremely challenging, particularly for single parent households in Charlotte.

A lot of the pre-existing issues related to economic mobility have been exacerbated by the pandemic. For example, pre-COVID, in one of our local schools, only 15.6% of our third graders could read proficiently. Children who are unable to read by third grade are statistically less likely to graduate from high school—which is tied to issues including incarceration and teenage pregnancy. A few years prior there had been significant investments in our county’s title one schools, but despite this, some of our reading levels have actually gone backward.

In a post-pandemic world, it feels even more important to ensure that the impacts we’re making on our communities are sustainable and tackle multiple issues.

"In a post-pandemic world, it’s even more important to ensure that the impacts we’re making on our communities are sustainable."

EC: Tell me more about the importance of secure housing

HB: One of the most important ways of creating generational wealth is home ownership. But the majority of people who live in the Freedom Wilkinson corridor are renters.

When rents rise and wages remain stagnant, it forces families from their homes and they then have to find somewhere new to live. This forces children from their schools—in fact, we’re seeing about 25% of our kindergarten classrooms turn over each year. This is challenging on children and teachers, and the trauma it has on children, moving into new homes that are less safe and secure, has severe implications on education.

EC: For those that don’t know, explain the collaboration with Barings

HB: Barings provided low interest debt on one of our affordable housing projects, funding 156 units in an affordable housing complex. In addition, Barings has also funded Cohort six of the Moms Moving Forward program.

EC: Tell me about Moms Moving Forward

HB: Over half of households in the 28208 zip code where we work are single mothers. We feel strongly that these moms have the most potential to impact their children’s education, but the least amount of time and access to resources to move their families forward.

Moms Moving Forward is a 12-month program that supports moms spiritually, professionally, and financially, and provides mothers with a support network of other women committed to changing the trajectory for their families. As mentioned, Barings has been heavily engaged with Cohort 6. The Barings Women’s Network has helped the women with their resumes, helped with interview skills, and engaged with our Holiday celebration and other volunteer activities.

Barings has also collaborated with us on a recent networking workshop for the moms of Cohort 6, providing an interactive networking experience with women from the Barings Women’s Network.


community-convo-freedom-communities-image1.jpgBarings volunteers present to the participants of the Moms Moving Forward program. Topics discussed include resumes, networking, interview attire and interview preparation.

EC: What’s been the impact of the partnership?

HB: Together we have financed 156 housing units and supported 13 mothers and 36 children through the Moms Moving Forward program. One of the things I’m proudest of is that coming into the program, just 21% of the moms were able to fully or mostly engage in work or family life without physical or mental health needs getting in the way. Midway through the program, 100% of the moms said they were able to do this.

"After the Moms Moving Forward program, 100% of moms said they could fully engage in work or family life without physical or mental health needs getting in the way."

Together, we’re offering a system of support and accountability, for them to feel loved and that they matter. Because now they believe in themselves, they have the confidence and are equipped with the resources to make decisions to move their families forward.

EC: What’s been the highlight of the partnership?

HB: Barings has given us the freedom and peace of mind to be able to respond to our most pressing needs. We’re in a unique time, in a post-pandemic world, so it’s vital to come together in unique and innovative ways to address challenges. To bring to life the solutions this city needs, it will take all of us—we cannot do this in silos, we cannot do this alone.

"It’s vital that we come together to address these challenges. It will take all of us—we cannot do this alone."

本文仅供参考,不构成任何投资建议或承诺。

市场有风险,投资需谨慎。在任何情况下,对任何因直接或间接使用本材料或者据此进行投资所造成的一切后果或损失,霸菱不承担任何法律责任。

本文非基金宣传推介材料,亦不构成任何法律文件。

本文所载的市场观点、投资策略或业务流程有可能因发布日后的各种因素变化而调整,公司在对其进行更新时不会另行通知,本文所载内容也不构成公司对市场观点、投资策略或业务架构的承诺。

若本文转载第三方报告或资料,转载内容仅代表该第三方观点,不代表本公司立场。

本文版权归霸菱所有,未获得本公司事先书面授权,任何人不得对本文内容进行任何形式的发布、复制。如引用或转载本材料所载内容,务必联络霸菱并获得许可,并需注明出处为霸菱,且不得对本文中的任何内容进行有违原意的删节和修改。

霸菱对本文保留一切法律权利。