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Will black Millennials save black banks?
Worried that black residents were getting priced out of Mapleton Fall Creek, a quickly gentrifying neighborhood on the city's north side, Mr. Moore sought to buy and renovate neglected homes there. He wanted to rent them out for half of market value to lower-income families. But even as white families snatched up Mapleton’s foreclosed Tudor and Colonial Revival homes, Moore, who is African-American, couldn’t get a mortgage from local banks. Black residents who already owned homes in Mapleton couldn’t get loans to fix them up, either, he says.
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