Robert F. Smith’s Student Freedom Initiative announces its collaboration with The Steinbridge Group for a $100 million commitment to HBCUs.
The Student Freedom Initiative (SFI) is partnering with the Steinbridge Group in its newly declared $100 million capital commitment to facilitate the creation of affordable housing in proximity to HBCUs and other Minority Serving Institutions (MSIs).
“In order to educate and train the next generation of diverse leaders and innovators, institutions must have access to an affordable education, and they must be surrounded by a thriving community,“ Robert F. Smith, founder and chairman of Student Freedom Initiative said. “Through Steinbridge’s commitment, these communities will have the resources to transform underutilized space to help to attract and retain talent while helping to make a college education affordable for students.”
Through this collaboration, Steinbridge is expediting its capital commitment dedicated to HBCUs and other MSIs. This commitment aims to revitalize underutilized real estate assets owned by these institutions, fostering economic growth and addressing crucial funding disparities compared to other higher education institutions.
Steinbridge and SFI will assess HBCUs and MSIs that express interest, utilizing a set of criteria, and choose recipients for investments dedicated to development initiatives. Eligibility requirements encompass factors such as land ownership within the community conducive to economic and community development, the capability to undertake a comprehensive development project, and leadership positioned to drive the initiative forward.
Established as a 501(c)3 nonprofit organization, the SFI operates as a catalyst for freedom in professional and life choices for students attending HBCUs and other MSIs. Its mission is to enhance social and economic mobility by alleviating students’ debt burdens. SFI concentrates on addressing the resource needs of these institutions and their students, offering valuable expertise to determine which institutions and local communities stand to gain the most from the investments.
