Mayor Monroe Nichols said the Greenwood Trust will consist of three components: a $24 million fund aimed at securing housing and homeownership for descendants, a $60 million fund for cultural preservation that will consist of fixing up buildings, revitalization and clearing blight, and a $21 million “legacy” fund for small business grants, scholarships and land acquisition.

Nichols said the goal is to obtain $105 million in assets by June 1 of next year. Over the next 12 months, the trust will be focused on raising private capital, setting up the programs and appointing a Board of Trustees.