{"id":413,"date":"2026-06-11T21:36:04","date_gmt":"2026-06-11T21:36:04","guid":{"rendered":"https:\/\/northcarolinamovingjournal.com\/?p=413"},"modified":"2026-06-11T21:36:04","modified_gmt":"2026-06-11T21:36:04","slug":"is-the-american-dream-fading-it-can-depend-on-your-neighborhood","status":"publish","type":"post","link":"https:\/\/northcarolinamovingjournal.com\/?p=413","title":{"rendered":"Is the American dream fading? It can depend on your neighborhood."},"content":{"rendered":"
\n

A child\u2019s zip code shouldn\u2019t determine whether they escape poverty, but it often does, said Kala Gibson, executive vice president and chief corporate responsibility officer at Fifth Third Bank.<\/span><\/p>\n

Read more \u2018The Dumocrats are at it again\u2019: Trump attack on California election offers midterm preview<\/a><\/p>\n

The Detroit native who oversees corporate citizenship work at the bank, which includes community development and community impact banking, said too many places still exist where children are robbed of opportunities to live the American dream because of where they grew up and the color of their skin.<\/span><\/p>\n

\u201cYou can talk to a child and just ask them, where they\u2019re born, their zip code, what school district they\u2019re in and you have a 50% chance of being correct \u2026 that they\u2019re not getting out of poverty, and that\u2019s sad,\u201d Gibson said.<\/span><\/p>\n

Gibson made his remarks in Chapel Hill last week during the Kenan Institute of Private Enterprise\u2019s fourth annual<\/span> Conference on Market-Based Solutions for Reducing Wealth Inequality<\/span>. The conference featured experts from the public and private sectors and academia who discussed new ways in which businesses can contribute to inclusive economic growth in the U.S.<\/span><\/p>\n

Conference host<\/span> LaChaun Banks<\/span>, a professor in the UNC Kenan-Flagler Business School, set the tone for the event that is aimed at reducing income inequality.<\/span><\/p>\n

\u201cThe American dream should not be dependent on zip code, family circumstances or family wealth,\u201d Banks said.<\/span><\/p>\n

Conferees, Banks said, share a common belief that economic opportunities and upward mobility matter.<\/span><\/p>\n

\u201cWe\u2019ve witnessed a lot of innovation and\u00a0 technological advancement, but as you all know alongside that success, we\u2019ve also seen disparities of wealth, opportunity and economic stability,\u201d Banks said. \u201cFor many people, economic growth has felt distant from their daily reality.\u201d<\/span><\/p>\n

Gibson\u2019s work at Fifth Third Bank \u2014 the nation\u2019s ninth largest bank \u2014 is deeply personal, he said, because he grew up in a community where there were few opportunities to escape poverty.<\/span><\/p>\n

Banks have a \u201chigh responsibility\u201d to help people achieve the American dream, he said.\u00a0<\/span><\/p>\n

\u201cIf you\u2019re not in a financial system, you have no ability to be able to own a home, to build wealth, build equity, retire comfortably or see your kids go to college or vocational school,\u201d Gibson said.<\/span><\/p>\n

Gibson highlighted Fifth Third Bank\u2019s Neighborhood Program, a multiyear initiative created in 2021 to provide nine historically African American neighborhoods across seven states with capital, expertise and technical support to build equitable growth and create economic mobility.<\/span><\/p>\n

Each neighborhood was eligible to receive up to $20 million. By the time the program ended in December 2025, Fifth Third Bank had made $409.2 million in direct investments into the nine neighborhoods.\u00a0<\/span><\/p>\n

The investment leveraged many millions more and resulted in construction of 603 affordable multifamily units and 124 affordable for-purchase homes. More than 500 homes were also preserved.\u00a0\u00a0<\/span><\/p>\n

The Historic West End community in Charlotte was one of the nine neighborhoods that took part in the initiative. The work there focused on preserving homes, anti-displacement strategies and the creation of affordable mixed-income housing.<\/span><\/p>\n

\n

NC housing advocates face challenges from federal funding uncertainty<\/p>\n<\/blockquote>\n