Nike Inc. cofounder and chairman emeritus Phil Knight and his wife Penny are upping their commitment to Portland Oregon’s Black community with a $400 million pledge to the Rebuild Albina project.
Based on 2020 U.S. Census data for Portland, the average Black household brings in about $3,000 in monthly income, while Latino households earn $4,500, and Native American households earn nearly $5,000. In comparison, white Portland households earn $6,400 on average each month. Affordable housing has become unattainable for many city residents, as is the case in several other major U.S. cities.
In 2022, the average monthly rent for a two-bedroom apartment in Portland was $1,904 and the median price for a home was $525,000. According to the city’s data, two-bedroom apartments across the city were considered unaffordable for the average Black household. A supporter of Portland’s Black community, Knight has funded Head Start programs locally and nationally for some time, as well as Self-Enhancement Inc., an organization that offers guidance to underserved youth to help them reach their potential. He has also known and worked with 1803 Fund board members Tony Hopson and Ron Herndon for decades. Knight helped conceptualize the innovative Albina Nike Community Store so that profits were shared with the Albina community.
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