Bedford Stuyvesant Restoration Corporation

Restoration's goal is to disrupt and close the racial wealth gap by empowering Black
families and businesses to build net worth and strengthen the community context. The racial wealth gap in Brooklyn has only been exacerbated by the COVID-19 crisis and is between $40 and $50 billion dollars--recent studies have shown that if nothing is down, the median Black household wealth will be $0 by 2053. Through our programming and partnerships, we aim to reverse intergenerational trends that have left Brooklyn's communities of color undercapitalized.

In our 55 year history, Restoration has piloted a uniquely holistic approach to community development that encompasses business development, personal finance, health and wellness, arts and culture and overall community investment on an unprecedented scale. We design, test and implement creative strategies and structural interventions that encourage asset creation, upward mobility, and self-sufficiency to increase the household and business net worth of low- and moderate-income Brooklyn residents. Our vision is for a flourishing Brooklyn community consisting of strong families, businesses, and institutions, anchored in a culture of equity and inclusion.

Our comprehensive approach to community development means that we attack inequality from all angles, leveraging the strength and resources of the community, government, corporations, and foundations to create the greatest possible impact. As a trusted coalition builder, BSRC attracts multi-year commitments through strategic partnerships with philanthropic and government entities at all levels. Our ability to harness the powers of both public and private sectors is central to our capacity for impact.
In the coming years, we plan to continue to scale and strengthen our current programming through the complete re-imagining of our current headquarters at Restoration Plaza. The new Innovation Campus, designed by famed architect Sir David Adjaye, will create an ecosystem that comprises innovative economic mobility programs alongside major industry anchors and community and cultural organizations, establishing a “virtuous cycle” to help close the racial wealth gap – and create a model that can be replicated in communities across the globe. The Campus will house our current programming while also attracting industry leaders that will bring both job and wealth creation, in addition to creating a space to entrepreneurs, artists, and small businesses iin the community to start up, grow, and thrive.

We have a strong strategic plan in place aimed at scaling our already-robust programming which includes further expanding our cross-sector partnerships. Our executive team has decades of collective experience and are driven toward a common goal of empowering the community's residents to build their net worth and find financial security. While we plan to expand our staff and innovative offerings, our current staff already has a remarkable track record, whether it be our financial counselors at the Center for Personal Financial Health, who serve thousands of clients annually, or our business experts at the Brooklyn Business Center who have helped to secure millions in funding for small businesses over the past three years. With a new President & CEO at the helm, Restoration is poised to tackle effectively reimagine our place and impact in the community.

As just one example of our forward-thinking approach to disrupting and closing the racial wealth gap, our Breakthrough Technology Program, which is currently in the midst of its second cohort, launched last February through a partnership with the Marcy Lab School. The Breakthrough Technology Fellowship tested the hypothesis that a gap in leadership skills prevents people with technical skills from getting jobs. A cohort of 20 young professionals of color with at least some technical training completed a 12-week project-based technical curriculum and robust leadership development curriculum focused on career fluency, racial identity development, and 1:1 coaching. The results were tremendous: 19 out of 20 of the fellows secured jobs after the program with an average salary of over $106,000. All fellows felt more confident in their own identities, skillset, and ability to prosper financially as well. Restoration continues to provide services to the fellows to ensure their success as we embark on our second iteration of the program, this time a yearlong fellowship.