April 7, 2022 (Dallas, TX/Arlington, VA) – A new program will help real estate developers from the Dallas area be more involved in the region’s booming real estate market — and, in turn, to create more affordable housing.
The EDI program is led by Capital Impact Partners and has trained nearly 200 developers since 2018 in three major metropolitan areas. The Dallas region will become the fourth.
The first cohort in Dallas will provide approximately 20 emerging real estate developers with assistance to help them grow their businesses.
“There are so many talented developers who are ready to work with local neighborhoods to create housing solutions that uplift and support communities,” said Ellis Carr, president and CEO of Capital Impact Partners and CDC Small Business Finance. “As we are doing in Detroit, the Washington metro area, and the San Francisco Bay Area, our EDI program will begin to build more community-rooted real estate development here in Dallas.”
The Dallas EDI program is supported by funding from JPMorgan Chase & Co. and Charles Schwab Bank.
Capital Impact Partners’ EDI program prepares emerging developers to pursue affordable housing projects and play a larger role in shaping Dallas’ development landscape.
They will receive broad-based training — in areas such as project budgeting, real estate finance, project and contractor management, legal services and community engagement — as well as local mentorship, network building, and pathways for them to access funding.
The initiative’s expansion into the Dallas area is also an expansion of Capital Impact’s existing investments across Texas. The Lone Star State was identified as an area where there’s an opportunity for spurring community and economic development investment based on identified needs in communities. To date, Capital Impact has invested more than $88 million in affordable housing, education, and more.
JPMorgan Chase & Co. is providing $500,000 in grant funding for the EDI program’s expansion into Dallas. Capital Impact also received a grant from Charles Schwab Bank in support of the Dallas EDI expansion.
The EDI program is modeled after the successful program that Capital Impact launched in Detroit in 2018. It expanded into the Washington metropolitan area in 2019 and into the San Francisco Bay Area in 2021. Many of the participants have since gone on to create their own organizations, build local developments, and foster peer-to-peer networks.
###
About Capital Impact Partners
Capital Impact Partners, part of the Momentus Capital branded family of organizations, is transforming how capital and investments flow into communities to provide people with access to the capital and opportunities they deserve. As one of the nation’s leading mission-driven Community Development Financial Institutions (CDFIs), we help build strong communities and create generational wealth by deploying mission-driven financing, capacity-building programs, and impact investing opportunities.
Capital Impact Partners offers flexible financing for catalytic mission-aligned projects in four primary sectors: increasing access to health care, education, affordable housing, and healthy food.
In addition, we manage several multi-year initiatives in key regions to support emerging developers, small business owners, cooperatives, and community health enterprises through training, professional networks, access to experts and mentors, and pathways to grants and loan capital.
Capital Impact Partners has disbursed more than $3 billion since 1982 to create access to critical social services, grow entrepreneurs, and create quality jobs. Capital Impact Partners’ leadership in delivering financial and social impact has resulted in the organization being rated by S&P Global and Fitch Ratings and recognized by Aeris for its performance.
The Momentus Capital branded family of organizations refers to the combined operations of Capital Impact Partners and CDC Small Business Finance, as well as their affiliates, Momentus Direct Capital and Momentus Securities (an SEC-registered broker-dealer, MSRB-registered, FINRA/SIPC member). While each organization under the Momentus Capital brand still operates as a separate entity, their clients will now have access to more resources and products.
With headquarters in Arlington, Virginia, and San Diego, California, Momentus Capital operates nationally with a focus on larger urban areas and cities in Arizona, California, Georgia, Michigan, Nevada, New York, Texas, and the Washington D.C. metro area.
Learn more at capitalimpact.org and momentuscap.org.
