A new program has arrived in Dallas that aims to break down barriers for real estate developers of color, helping them get ahead in the area’s housing boom while creating much-needed, more affordable homes.
Capital Impact Partners’ Equitable Development initiative has already rolled out to three other cities – Detroit, Metro Washington, D.C. and the San Francisco Bay Area – training more than 200 color developers since 2018. It has now landed in Dallas with financial support from JPMorgan Chase & Co. and Charles Schwab Bank.
The inaugural program in dallas will provide assistance to about 20 emerging property developers of color, helping them grow their businesses in an industry where they are “severely underrepresented”, Capital Impact announced today.
âSystemic barriers have prevented developers of color from accessing capital and realizing their potential in helping communities across the country,â said Ellis Carrchairman and CEO of Capital Impact Partners and CDC Small Business Finance, in a statement.
“There are so many talented developers of color who are ready to work with local neighborhoods to create housing solutions that uplift and support communities,” Carr added. As in the first three program cities, he said, “our EDI program will begin to build a more equitable real estate development ecosystem here in dallas.â
âCreating a more inclusive economy by Dallas’
Michael ThomasExecutive Director and Head of Philanthropy for JPMorgan Chase in Dallas/Fort Worth calls the program a “huge opportunity.”
“It’s about creating a more inclusive economy in Dallas,” Thomas said in the statement. “When we think about closing the funding gap available to developers of color, it’s a huge opportunity. There’s an incredible need for new, affordable housing across the country, and we’re pleased to partner with Impact Capital. Partners to support our local developers of color who are working to address this issue in their communities.
Capital Impact says the lack of fair representation in dallas affected more than color developers, it also impacted Dallas communities of color. He notes that dallas Currently experiencing a shortage of 20,000 affordable homes, forcing communities of color away from the city due to rising housing prices, lack of housing and gentrification.
Barriers include access to capital, equity and experience
The program plans to help its participants break down three specific barriers: lack of access to capital, equity and experience, which Capital Impact says are the result of “generations of structural racism and disinvestmentâ.
To break down these barriers, program participants will receive general training in everything from project budgeting, real estate financing, project and contractor management, legal services and community engagement. They will also be trained in local mentoring, networking and accessing funding.
To date, Capital Impact says it has invested over $88 million in affordable housing, education, and more, and some of that has been in existing investments âacross Texas.â He says he will expand his investments in Texas to spur community and economic development, “based on identified needs in underserved communities.”
$500,000 in grants, and more
JPMorgan Chase & Co. provides $500,000 in funding grants for the expansion of the Equitable Development Initiative in Dallas, Capital Impact said, adding that it also received a grant for the expansion of Charles Schwab Bank.
Many graduates of the program in the other three cities have since created their own organizations, built local developments and encouraged peer networks, Capital Impact explains.
Applications accepted until May 6
Color developers can apply for the EDI program today through May 6, 2022 by going here. Participants will be based on the following guidelines. Developers should:
â¢ Identify as racial or ethnic minorities
â¢ Actively work to advance careers in real estate development with some real estate development experience
â¢ Live in or near the main metropolitan area of ââthe program and have a close connection to the city/region in which they work
â¢ Demonstrate a commitment to the revitalization of their city/region
â¢ Be interested in responding to tenders for real estate development opportunities with or without a development partner in the next 1-2 years
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