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After years of working in states across the US, engineer and entrepreneur Brian Rice decided he wanted to invest in his hometown of Birmingham, Alabama.
By Ivana Davidovic, BBC News
He had enough cash to buy eight buildings, all around 100 years old, in his majority black neighbourhood of Ensley, but he needed a banking loan to redevelop them. He thought it would be just a formality.
What he discovered was a system stacked against people like him.
“I thought it was the worst appraisal in the United States,” he says, recalling the moment he opened the valuation the bank had given him for his properties and read its justification.
“They compared my eight historic properties to farmland 14 or so miles away, and they compared my buildings to an abandoned car wash. Nothing about my properties resembles those.”
Featured Image, BRIAN RICE
Full article @ BBC News
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