Tacoma Black Households Financial Report & New Empowerment Center

The African American Financial Capability Initiative highlights and tackles the structural causes and community consequences of the racial wealth gap.

Rising economic inequality and a growing racial wealth gap drives intergenerational poverty in Black communities. The racial wealth gap is the difference in asset ownership (wealth) between Black and White households.

A recent report by Prosperity Now and the Institute for Policy Studies, estimates that at current rates it will take 228 years for Black wealth to catch up to current levels of White wealth. The gap also exists for Latinos who need 84 years to catch up. The racial wealth gap leaves communities of color with the obstacle of “starting over” or from scratch with each new generation. Meanwhile, White households often benefit from being able to build on the security and wealth of their parents.

In 2016, Tacoma and five other cities nationwide were selected by the Northwest Area Foundation for the African American Financial Capability Initiative (AFFCI) to address racial economic inequality and the racial wealth gap. Technical assistance to sites was provided by Prosperity Now’s Racial Wealth Divide Initiative.

Download the 2016-2019, African American Financial Capabilities Initiative report to view the scorecard and information on the new Black Empowerment Center.