CommonSpirit Invests $5 Million in Freedom West Homes' Revitalization Project
Rendering of Freedom West 2.0 expansion in Fillmore District in San Francisco, California. (Photo Credit: Freedom West Homes Corporation)
SAN FRANCISCO, October 26, 2023 (VSNewsNetwork.com) - Freedom West Homes Corporation, a nonprofit limited equity housing cooperative, announced a $5 million impact investment from CommonSpirit Health's Community Investment Program. The investment adds CommonSpirit Health to a growing list of funding partners, including MacFarlane Partners and Avanath Capital Management, committed to preserving and redeveloping Freedom West for future generations.
"By providing support to Freedom West 2.0, our hope is for families to spend less time worrying about their ability to pay rent and more time pursuing things that contribute to their ability to achieve their best health," said Rosalyn Carpenter, System Senior Vice President and Chief Diversity, Equity, Inclusion and Community Impact Officer of CommonSpirit Health. The investment comes as part of more than $27 million already invested in the Freedom West revitalization effort, aiming to benefit approximately 1,000 low-to-moderate-income shareholder residents and the surrounding community. “It’s a long history – but summarized so perfectly in the mini-documentary film, Reimagining of Freedom West, narrated by award-winning actor Danny Glover, a long-time heroic activist for our Fillmore Community,” added Mattie Scott, president and 48-year resident of Freedom West Homes Corp.
Freedom West Homes was initially established in 1973 by Bethel AME Church to provide secure, affordable housing for low-income families. The co-op ownership model aims to offer housing stability and help build multi-generational wealth, particularly in San Francisco, the second-most expensive city in the United States. "We’re very grateful for partners like CommonSpirit, who have stepped up to join us in this critical work that has the potential to become a model for the country,” said Landon Taylor, CEO, MacFarlane Partners Investment Management Group.
For additional information, visit Freedom West Homes. Learn more at CommonSpirit.org.
Source: Freedom West Homes Corporation via Newswire
