Earlier this week a group of boys and girls living on Chicago’s West Side learned about investments, home ownership, and how to build generational wealth from a local real estate investor who also plays for the Chicago Bears.
Eddie Jackson, an investor with Chicago-based Kinexx Modular Construction who also plays safety for the Bears, said he brought the youth to the Harrison Row Townhomes development to teach them about financial literacy.
“When I was their age, I did not know about homeownership or how to build generational wealth. Many of our [Black] youth do not learn the importance of owning something like a home because many come from neighborhoods that do not reflect that kind of value, and I was one of them,” Jackson told the Chicago Business Journal.
He said many Black youth living in Chicago come from neighborhoods where becoming a professional athlete or rapper is viewed as the only way to success.
“That’s cool, but with any profession you also need financial literacy to ascertain your success,” Jackson said. “We [Blacks] live our whole lives renting an apartment because that’s all we saw growing up. No one stops to tell our young Black kids that they can be homeowners and investors just like youth from more affluent neighborhoods. I want these kids here to know how to buy a home, how to buy apartment buildings, and then how to use that wealth to make a difference in their community just like I am trying to do.”
Jackson was joined by former NFL player Mark Barron in teaching the children about financial literacy. The 20 boys and girls, in sixth through eight grade, attend after-school programs at Marillac St. Vincent Family Services
Like Jackson, Barron is also an investor with Modular.
“I support what Eddie is doing to help these kids and the community by making sure affordable homes are built here,” said Barron. “This is not a one-time investment for me. I want to continue investing in communities through real estate projects like this and use the blessings God has given me to help others.”
Upon completion of Harrison Row Townhomes, Joshua Braun, CEO of Kinexx Modular Construction, said he is considering building a similar housing development on the South Side in the 17th Ward, which includes the Englewood, Auburn Gresham and West Chatham neighborhoods.
Phase 1 (seven townhomes) was completed March 2021 and phase two (28 townhomes) is expected to be completed first quarter of 2023.
According to Mike Drew, co-founding principal of Structured Development, the project’s developer, all the townhomes are reserved for households earning up to 120% of the area median income and will be sold through the Chicago Housing Trust, a nonprofit corporation that’s administered and staffed by the Chicago Department of Housing.
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