St. Paul's Rondo Inheritance Fund provides financial incentive for families to return to historically Black neighborhood
ST. PAUL, Minn. -- Hundreds of Black families forced out of their homes decades ago now have a reason to return.
The Rondo neighborhood was the beating heart of Saint Paul's Black community and home to thriving businesses, religious organizations and social clubs. However, the economic and social diversity of the area was upended when the construction of Interstate 94 began in 1956.
Now, the city's new Rondo Inheritance Fund aims to create generational wealth that was lost, providing direct descendants of Rondo with financial assistance to buy or renovate a home in St. Paul. If the descendant chooses to live in the boundaries of Rondo, they'll receive additional funds.
"We recognized he decimation of Rondo as a harm for a very long time," said Mayor Melvin Carter. "We acknowledge that this is wrong and we acknowledge that there is a cost to it, well then trying to put something back is the only natural response."
Reviving Rondo has long been a priority for Carter, whose family lost a half dozen buildings when the neighborhood was leveled. He believes increasing homeownership in Rondo is necessary to restore what was stripped away.
"The whole thing I think is going to help bring us back home," said Realtor Brian Parker, a Rondo native.
Now, he's excited to show his clients what Rondo has to offer. He hopes the inheritance fund is enough to get people committed to making the Rondo Community whole again.
The maximum a family can receive is up to $110,000 in fully-forgivable financing to purchase a home and up to $85,000 in forgivable financing to renovate a home.
Applications are open, and so far close to 400 people have shown interest. Carter says the goal is to get as many people approved and qualified for the funds as quickly as possible.
