Red Stone Equity Partners expands company's racial and social justice efforts; Supports six high-quality groups across the country with $180,000 multi-year commitment; Expands internal company-wide diversity and inclusion activities
NEW YORK, Dec. 21, 2020 /PRNewswire/ -- Red Stone Equity Partners LLC ("Red Stone Equity" or the "Company"), a privately-owned real estate finance and investment company specializing in affordable multifamily residential funds and financings, announced today that it is furthering the Company's racial and social justice efforts with a three-year commitment to partner with organizations at the forefront of these issues and located in cities in which the company has an employment presence. Since its founding in 2007, Red Stone Equity has been investing in affordable rental housing with a goal towards improving communities all across the country; however, the Company recognizes the need and opportunity to do more and is thereby making philanthropic commitments on a local level through strategic partnerships to continue to foster change. The initiatives have been led by the company's Diversity and Inclusion Committee, which has also led several internal initiatives including the development of a formal diversity and inclusion statement and an evaluation of the Company's culture and programs, with a focus on recruitment and retention efforts in these key areas. The Company's prior efforts in this regard include hiring professionals of color at all levels, including in its partnership, and making capital investments in minority- and women-owned business enterprises (MWBEs).
The affordable housing industry in which it operates provides Red Stone Equity a unique opportunity to bring much-needed change to underserved communities of color and to help revitalize neighborhoods nationwide. The Company has the ability to further assist people in the communities in which it works by supporting racial and social justice efforts to overcome racial biases, inequality and inequity. The events of the past year have demonstrated that the Company and our country need to do more to meet the objectives of a free and fair society. Many communities, particularly the Black community, have seen this promise go unrealized. As a result, the Company will collaborate with organizations actively raising awareness for racial and social justice issues, improving education, promoting economic empowerment and being catalysts for change.
Red Stone Equity conducts its business from the following six primary physical office locations: Boston, Charlotte, Chicago, Cleveland, New York and San Diego. The Company will support the following nonprofit organizations—one in each of the aforementioned communities—via a three-year financial commitment of $10,000 each starting in 2020. In total, each organization will receive funding of $30,000, bringing Red Stone Equity's full financial commitment to $180,000. In addition to supporting these organizations financially, the Company will engage with these organizations through their various program offerings. The selected groups include:
- Boston, MA: More Than Words (https://mtwyouth.org/)
More Than Words is a nonprofit social enterprise that empowers youth who are in the foster care system, court-involved, homeless, or out of school to take charge of their lives by taking charge of a business.
- Charlotte, NC: Renaissance West Community Initiative (https://www.rwci.org/)
The initiative uses a holistic community redevelopment approach, focusing on multiple critical factors, including mixed-income housing, educational opportunities, youth and adult development programs, health and wellness services and commercial investment.
- Chicago, IL: Holsten Human Capital Development (https://hhcd.org/)
Holsten Human Capital Development (HHCD) is a 501(c)(3) non-profit organization with the mission to strengthen at-risk populations by expanding their access to viable resources that promote self-sufficiency, wellness and stability.
- Cleveland, OH: Urban League of Greater Cleveland (https://ulcleveland.org/)
The mission of the Urban League of Greater Cleveland is dedicated to providing equal opportunities for African-Americans and other minority members to develop and exercise their potential on par with all other Americans through education, research, advocacy and services.
- New York, NY: National Urban League (https://nul.org/)
The National Urban League is an historic civil rights organization dedicated to economic empowerment in order to elevate the standard of living in historically underserved urban communities.
- San Diego, CA: Rise San Diego (https://risesandiego.org/)
The organization's mission is to elevate and advance urban leadership through dialogue-based civic engagement, dynamic nonprofit partnerships, and direct training and support to increase the capacity of urban residents to effect meaningful community change.
"At Red Stone Equity Partners, we have always been proud of the lasting and positive impact we make on the communities we serve. In addition, we have always endorsed efforts to hire, retain and promote professionals of color, and we have actively sought to invest in and support MWBE firms long before doing so became an important investment objective for others. Today, we are pleased to announce that we are doing more. Events of the past year have highlighted the fact that we can no longer assume that our neighbors, particularly Black Americans, feel safe and supported. This must change and we all need to do our part," said Eric McClelland, Red Stone Equity's Chairman and CEO.
Mack McDonald, CEO of the Renaissance West Community Initiative in Charlotte added, "The Renaissance West Community Initiative is grateful to all the associates of Red Stone Equity Partners for their generous contribution. Your investment will have life changing impact and allow us to continue our fight against intergenerational poverty and social inequality."
In addition to announcing the above financial commitments to promote racial equality and social justice, Red Stone Equity has released the following formal diversity and inclusion statement on behalf of the Company and its employees:
Red Stone Equity Partners is committed to fostering, cultivating and preserving a culture of diversity, equity and inclusion. We stand in solidarity with minorities and people of color–our employees, partners and the tenants we house–in the battle against racism and injustice. Our business' primary goal is to significantly improve the status and sustainability of communities throughout the United States by facilitating the development and/or preservation of high-quality affordable rental housing. We continually strive to improve ourselves, much like we do the communities we serve, by recognizing, celebrating, embracing, encouraging and supporting our most valuable assets, our employees. We realize we cannot achieve our goals without the continuous evaluation and focus on our policies and practices that support our efforts to foster an environment in which our employees can flourish. Furthermore, we understand that in order to reach our full potential as an organization, we must remain vigilant with our diversity initiatives, particularly with respect to recruiting and selection; compensation and benefits; professional training and development.
"Today is an exciting day for Red Stone Equity," said Richard Roberts, Red Stone Equity's Chief Business Development Officer and chair of the company's internal Diversity and Inclusion Committee. He continued, "We are not only taking steps to demonstrate our continued commitment to constituencies inside our firm, but we are also doing everything we can to positively impact the communities in which we live and work. As a partner in Red Stone and as an African American, to say that I am proud of our company would be an enormous understatement."
About Red Stone Equity Partners LLC
Red Stone Equity Partners LLC ("Red Stone Equity") is a leading real estate investment firm specializing in the syndication of Low-Income Housing Tax Credits and Renewable Energy Tax Credits to facilitate the development of affordable multifamily rental housing and renewable energy projects, respectively. Red Stone Equity builds upon long-lasting relationships with investors and developers as it acquires, structures, and provides long-term asset management services to its institutional clients. Its senior management represents more than a combined 100 years of tax credit equity syndication experience, involving the acquisition and syndication of approximately $15 billion of tax credit equity. Since inception, Red Stone Equity has raised over $6 billion of tax credit equity. These funds have been used to finance the construction and/or rehabilitation of more than 40,000 units of affordable housing in 43 states, Washington, D.C. and Puerto Rico. Red Stone Equity has offices in Boston, Charlotte, Chicago, Cleveland, New York, and San Diego. For more information, please visit www.rsequity.com or www.linkedin.com/company/red-stone-equity-partners-llc.
SOURCE Red Stone Equity Partners, LLC
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