Purpose
3×3, in collaboration with Nico and Seventh Hill, conducted a feasibility study for Metro West Community Development Organization and the Fund for Our Economic Future. Our team consisted of real estate, legal, and community research strategists and advisors working side-by-side to conduct stakeholder engagement and lay an evidence-based foundation for a new model that addresses the racial wealth gap by providing opportunities for generational wealth transfer and lowering the barrier to wealth generators like real estate ownership.
Community-centered approach
3×3 facilitated a series of inception workshops to define problem and opportunity areas, map the ecosystem and stakeholders, and develop a theory of change. The approach relied on research, engagement, and user-testing at key milestones with the aim of creating target personas and testing key aspects of the Community Investment Fund. Strategic co-design sessions were held to bring together knowledge generated through each work stream, clarify key decision points, and forge decisions based on evidence. Findings are synthesized into design considerations to iteratively develop the model and ensure educational strategies create an impact with key target audiences.
Impact
Stakeholder engagement revealed that many community members have concerns about obligations and risks associated with direct share ownership. The model focused on building representation through trusted community leaders and professional experts while building trust over time to encourage the direct participation of community members. The insights were also used to develop different categories of shares that would enable long-term residents to benefit economically from the CIF’s success, even if they are not in a position to invest their own dollars. 3×3 laid the guidelines for the representative control and decision-making structures and identified pathways for the launch of the model.
