Houston, June 21, 2024–(BUSINESS WIRE)–The Freedmen’stown Community Investment Initiative was launched today with the goal of equitably revitalizing Houston’s once thriving Black community by increasing affordable housing and commercial space, creating and strengthening businesses that serve the community, promoting economic mobility and preserving the cultural landmark of Freedmen’stown.
Initiative leaders are working collaboratively with neighbors to ensure the work reflects the needs and aspirations of the Freedmenstown community, now and into the future.
“Freedmen’stown, Houston’s oldest Black neighborhood and a product of the Juneteenth movement, was once a vibrant place full of potential,” said Zion Escobar, founder and CEO of the Freedmen’stown Community Investment Initiative. “Today, this community remains high potential and worthy of our joint investment. Our goal is to catalyze the economic and cultural revival of this historic area, ensuring prosperity for generations to come.”
After Emancipation was proclaimed in Texas on June 19, 1865, former slaves founded Freedmen’s Town and quickly transformed it into a cultural center. By 1930, Freedmen’s Town had become its own Black Wall Street, known for its successful businesses, popular restaurants, and jazz clubs. Eventually, redlining, mining development, and the construction of Interstate 45 through the community contributed to Freedmen’s Town’s decline.
This first-of-its-kind initiative will address the need for additional affordable housing and rehabilitate homes that have been vacant for decades, allowing current residents to remain in Freedmen’stown and displaced residents to return to the community.
The initiative aims to strengthen the community’s connection to its heritage of excellence as a vibrant entrepreneurial district and cultural hub. Expected outcomes include an increase in serving businesses, preserving cultural landmarks, stimulating economic growth and strengthening community pride and engagement.
The first pilot project the initiative will spearhead is the Victor Street Historic Restoration Project. This groundbreaking effort will restore the last of a row of 10 iconic shotgun houses built in Freedmen’s Town in 1930. The initiative will also add six new accessory dwelling units (ADUs), transforming Victor Street into a symbol of history and progress. The units are designed for families earning 30-80% of the Area Median Income (AMI) and are backed by a 99-year deed-enforced affordability covenant.
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