Charlotte Hosts Symposium on Community Development and Housing Equity
Charlotte, NC – Last week, Charlotte was buzzing with ideas as Egbert Perry, the chairman and co-founder of Integral Group, took to the stage for a keynote address at the company’s symposium, The Future Scape: An Equity in Real Estate Development Symposium held at Queens University of Charlotte. Perry, who has been making waves in the real estate world since founding Integral Group in Atlanta in 1993, is passionate about the significant difference between commercial real estate and community development. His insights opened the floor to important discussions that could change the future of housing and community welfare.
Integral Group, a successful Black-owned business earning annual revenues of $200 million, is recognized for its innovative approach to developing mixed-use and mixed-income neighborhoods. Perry highlighted a shocking truth during his speech: “Out of the 112,000 real estate firms in the U.S., less than 1% are Black owned,” he remarked, stressing the need for more diversity and representation in the industry. It’s staggering to consider that not a single Black-owned firm has reached the impressive milestone of $50 million in revenue, a fact that calls for urgent action.
Perry examined the structural barriers that have historically prevented Black individuals from participating in wealth generation opportunities. “Wealth begets wealth,” he stated, reminding the attendees that without access, the cycle of prosperity remains unbroken. As he encouraged the crowd to think about how to secure their “seat at the table,” Perry illuminated the need for a paradigm shift in how business is perceived and conducted, especially in a country facing a housing deficit of 4.5 million units, according to Zillow.
Recent data from the U.S. Census Bureau revealed that 4.6 million Black households are sacrificing over 30% of their income just to keep a roof over their heads. Reflecting on the rapid rise in housing costs—up by 47% since 2020—Perry insisted that the time for change is now. With both Vice President Kamala Harris and former President Donald Trump promising solutions to tackle the housing crisis, Perry emphasized that “whichever one wins,” housing issues will undeniably be front and center.
Joining the conversation, Perry shared his personal journey from the Caribbean nation of Antigua to the United States, pointing out the stark contrasts he experienced in terms of racial and economic diversity. He depicted a powerful metaphor of “heavens and hells,” where economic class dictates one’s experience of life. “Two generations ago, everybody in this room that’s Black, I know you were poor,” he said, and encouraged the audience to view challenges through the lenses of race and class.
Perry asserted that we don’t have an affordable housing crisis; we have a crisis of not having housing affordability in the communities where people live. He prompted everyone to choose whether they are in the commercial real estate business or the community development business. Those invested in community development aim to truly transform the neighborhoods they engage with.
The symposium also featured a panel of industry experts from both local and national real estate and private equity firms. They discussed the intricate issue of community development, underscoring the importance of listening to the needs of the communities they serve. However, they acknowledged that collaboration between various stakeholders—cities, counties, states, and the federal government—can prove challenging due to differing regulations and financing issues.
“Sometimes developers can be condescending,” remarked Jordan Jones, a senior development executive at Integral Group, recognizing the need for humility and genuine connection. Trust-building with communities was highlighted as a key ingredient for successful projects, echoed by Rusty Mills from LISC Charlotte.
Christina Szczepanski, president of the Reinvestment Fund, emphasized the unique role of community development financial institutions (CDFIs) in fostering innovation. She stated, “Because CDFIs are not regulated by banks, the flexibility we have allows us to support more projects,” prioritizing developments that address housing, childcare, schools, and mental health. For her, the goal transcends merely closing loans; it’s about making a meaningful impact on the community.
Moreover, the need for greater representation of Black individuals in the industry was highlighted by several panelists, including LaToya Kyle from the Low Income Investment Fund, who is dedicated to increasing opportunities for Black developers. They have already lent out $500 million, with three-quarters addressed to people of color.
Jeff Lawrence and Aaron Hancock also voiced their concerns about the rarity of Black professionals in their fields. Lawrence shared his ambition to open doors for future generations, and Hancock reiterated the importance of representation in decision-making processes. Their discussions at the symposium underscored the passion for ensuring both their successes and the successes of those who follow behind them.
As the day concluded, it became evident that through collaboration, community-oriented development, and a drive toward equity, Charlotte and cities like it can work toward creating a future where everyone has a fair opportunity to thrive in their own neighborhoods.
