Build Wealth Minnesota (BWM) celebrated its 20th anniversary with a fundraising gala on August 24 at the Marriott City Center in downtown Minneapolis. The Black-Tie Gala included a four-course dinner, red carpet photo treatment, a live auction, and live entertainment that featured the Steele family, Darnell Davis & Remnant, and Stellar Award-winning gospel artist and Minneapolis native Jovonta Paton.
The theme for the Gala was “Changing the Game.” Freddie Bell from the KMOJ morning radio show emceed the event, and comedian Miss Shannon Paul was the benefit auctioneer.
Founded in 2004 as a 501c (3), BWM’s mission is to strengthen underserved communities by empowering families to build sustainable social and economic wealth by providing developmental products, programs, and services that help individuals, families, and communities embrace a new way of viewing their lives in the areas of financial literacy, debt reduction, lowering the cost of money and creation of wealth through education and economic development activities.
In 2011, BWM became a Community Development Financial Institution (CDFI). Over the 20 years, BWM has strategically cultivated partnerships and support from elected officials, city and state government, bankers, and foundations because of its broad range of programs.
These include the following: Family Stabilization Plan, youth Stabilization Program, Rent Smart-Wise and Ready, Pathways to Increase Employment and Potential Earnings (PEEP), Mortgage Services, Housing Development, and 9000 Equities Plan. BWM closed on its 1,000th property of the targeted 9,000 Black families in homes this year via the 9,000 Equities Plan.
Governor Walz and Attorney General Keith Ellison delivered prerecorded congratulatory video messages to David McGee, BWM’s executive director and founder.
State Senator Bobby Joe Champion was in attendance and greeted the audience. “It’s not just enough for me to bring greetings from the State of Minnesota, but it’s also important for the State of Minnesota to understand and appreciate what we need to do to build wealth in the Black community and be very intentional about It.
“So, I’m proud to say we have been giving money to Build Wealth Minnesota from the State and helping 9000 Equities because it’s important for people to own a home,” said Champion.
MSR spoke with Karen Kelly-Ariwoola, the former vice president of community philanthropy at the Minneapolis Foundation. She also admired McGee and his organization. “I met David McGee early in the formation of Build Wealth Minnesota.
“David was a leader in setting the stage for closing the racial wealth gap and creating generational wealth for Black families. David reminds me that the foundation was one of his early grantors.
“I’m honored to have played a role in facilitating the early investment in David’s vision that is now in full bloom 20 years later and has impacted thousands of lives and generations yet born,” said Kelly-Ariwoola.
Before introducing Andrea Levere, the keynote speaker, McGee took a moment to thank some of the early supporters, such as Indred Alexander, Anthony and Valene Anya, Brenda Colston, Chudi Igbanugo, Tim Figge, and Gary Cunningham of the Norwest Area Foundation.
He also mentioned Levere for her mentorship, training, and focus while participating in a program that helps build high-impact nonprofits of color. Levere is also credited with creating the name for the 9,000 Equities program.
We spoke with Maelene Rhodes, one of the program’s new homeowners, during the gala.
She began saving for a home in 2018. “I found out about BWM because I attend the same church as Brother McGee,” said Rhodes. She closed on her home this spring.
“March 14 of this year, I closed on my home. Before that, I lived in an apartment near my mother’s house. So, one day, I asked my mother how much she pays for her mortgage, and I heard her say how much cheaper her mortgage and association were than my monthly rent.”
Rhodes then moved in with her mother to save money, started paying off debt, and reached her savings goal of $3500.
She continued, “I contacted Jeff at BWM to tell them I was ready. I had my preapproval on a Saturday. I looked at two houses on Sunday and made an offer on one of them, and they accepted it on Monday. Then I moved in 35 days later and received $52,000 closing cost assistance.”
Rhodes introduced the MSR to two of her siblings and her mother that night. All four went through the BWM programs and are proud homeowners.
McGee said that expansion and replication of its operation across the United States has always been the plan. “Yes, we always had that in mind from the beginning,” he stated.
Information about BWM can be found at www.BwealthE.org.
See more photos by James L. Stroud, Jr below.
