EXPECTATIONS
The RITE Plan Initiative is a 501(c)3 Charity leading a nationwide grassroots effort to revitalize impoverished and rural communities within Opportunity Zones and other highly distressed areas.
The overall goal is to strengthen communities by providing equity in development projects as a source of revenue in addition to the new tax bases that The RITE Plan creates. The mission is to provide as many resources as possible for the people within the communities The RITE Plan serves. Through strengthening municipalities and providing programs that inspire social change we serve the underserved.
SO, WHAT DOES THAT MEAN IN THE REAL WORLD???
The answer to that question can be seen through the services that are delivered by The RITE Plan Initiative. Typically, after a partnership is established with the community municipal leadership, our team reaches out within that particular service area to as many Qualified Active Low-Income Community Businesses (QALICBs) as possible. These QALICBs are positioned by TRPI to be massive participants in a comprehensive and detailed development plan for the area that we are serving. The QALICBs also retain a significant, if not majority, ownership of projects they bring as contribution to their area's revitalization. This is a core principle behind The RITE Plan Financing Structure and falls in line with our mission as a nonprofit real estate developer. TRPI doesn't just want to aid in the revitalization of a community, it wants to provide opportunities for QALICBs from the area who are up and coming architects, engineers, mom & pop construction companies, and fledgling developers. Our hope is to provide opportunities for those who wouldn't have had the chance at such large contracts before. We want them to see their community rebuilt by the hands of its members. TRPI also requires that a partnership with local Unions be established before any construction work commences ensuring union wages are paid to a significant portion of the community. All of these efforts combined into one package is how we serve the underserved while simultaneously combating typical gentrification focused development strategies.
Below is a comparison chart between Traditional Projects and RITE Plan Projects that are developed within a community qualifying as a New Markets Tax Credit Census Tract or Opportunity Zones. The benefits to the community can easily be seen achieving the same results except with a form of ethical capitalism when compared with the way things are done now:
