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 shoot, live auction and live entertainment with the Steele family, Darnell Davis & Remnant and Stellar Award-winning gospel artist and Minneapolis native Jovonta Paton.
The theme of the gala was “Changing the Game.” Freddie Bell of KMOJ’s morning radio show hosted the event, and comedian Miss Shannon Paul served as auctioneer for the charity.
Founded in 2004 as a 501c(3), BWM’s mission is to strengthen underserved communities by empowering families to build sustainable social and economic prosperity by providing development-related products, programs and services that help individuals, families and communities develop a new perspective on their lives in the areas of financial literacy, debt reduction, lowering the cost of money and building wealth through education and economic development activities.
In 2011, BWM became a Community Development Financial Institution (CDFI). Over the course of 20 years, BWM has strategically built partnerships and support from elected officials, city and state governments, banks and foundations based on its broad range of programs.
These include: Family Stabilization Plan, Youth Stabilization Program, Rent Smart-Wise and Ready, Pathways to Increase Employment and Potential Income (PEEP), Mortgage Services, Housing Development, and 9,000 Equities Plan. BWM completed the purchase of the 1,000th property this year through the 9,000 Equities Plan for the 9,000 Black families scheduled to own their own homes this year.
Governor Walz and Attorney General Keith Ellison delivered prerecorded congratulatory video messages to David McGee, CEO and founder of BWM.
State Senator Bobby Joe Champion was present and welcomed the audience. “It’s not enough for me to bring greetings from the state of Minnesota, but it’s also important that the state of Minnesota understands and recognizes what we need to do to build prosperity in the black community and that we are very intentional about doing that.”
“I’m proud to say we supported Build Wealth Minnesota with money from the state and helped 9,000 Equities because it’s important for people to own their own home,” Champion said.
MSR spoke with Karen Kelly-Ariwoola, former vice president of community philanthropy at the Minneapolis Foundation. She also admired McGee and his organization. “I met David McGee early on in the founding of Build Wealth Minnesota.
“David was a pioneer in laying the groundwork for closing the racial wealth gap and creating intergenerational wealth for Black families. David reminds me that the Foundation was one of his first supporters.
“I am honored to have played a role in enabling the early investment in David’s vision, which now, 20 years later, is in full bloom and has impacted thousands of lives and generations yet to be born,” said Kelly-Ariwoola.
Before introducing Andrea Levere, the keynote speaker, McGee took a moment to thank some of the early supporters, including 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, education and focus while participating in a program that helps build influential nonprofits for people of color. Levere is also credited with naming the 9,000 Equities program.
We spoke with Maelene Rhodes, one of the program’s new homeowners, during the gala.
She started saving for a home in 2018. “I found out about BWM because I go to the same church as Brother McGee,” Rhodes said. She bought her home this spring.
“On March 14th of this year, I signed the contract to buy my house. Before that, I lived in an apartment near my mother’s house. One day, I asked my mother how much she pays for her mortgage and she said that her mortgage and community insurance were much cheaper than my monthly rent.”
To save money, Rhodes then moved in with her mother, began paying off debt, and reached her savings goal of $3,500.
She continued, “I contacted Jeff at BWM to tell them I was ready. I got my preliminary approval on a Saturday. I looked at two houses on Sunday and made an offer on one, which they accepted on Monday. Then I moved in 35 days later and received $52,000 in closing cost assistance.”
Rhodes introduced the MSR to two of her siblings and her mother that evening. All four completed the BWM programs and are proud homeowners.
McGee said expanding and replicating operations across the United States was always the plan. “Yes, that was in our minds from the beginning,” he explained.
For information about BWM, visit www.BwealthE.org.
More photos of James L. Stroud, Jr. can be found below.
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