• Developer Richard Hosey at construction site
  • EQUITABLE DEVELOPMENT INITIATIVE
    Empowering Minority Developers in Detroit

In an effort to better ensure that Detroit’s pool of developers truly reflect the city’s diversity and that minority developers are able to participate in revitalization efforts, we have launched the Equitable Development Initiative. Charting a new path toward inclusive economic opportunity, this program combines our catalytic capital support, development expertise, and local knowledge to empower minority real estate developers in Detroit. We invite minority developers in Detroit to apply for this two-year pilot program.

Training
Formal mixed-use real estate development financing training, workshops with local development experts and City of Detroit leaders, and future development and project sustainability training will be offered to program participants.

Mentorship
Paired with a developer mentor, participants will receive one-on-one support throughout the program. Topics include project budget and finance, community impact and place-based support, project management and legal services.

Financing
Capital Impact will work to match program participants with qualifying projects senior debt (for acquisition and construction) and sub-debt (to help close equity gaps and support predevelopment, acquisition and construction) at competitive interest rates and favorable terms.

 

ELIGIBILITY CRITERIA

The Equitable Development Initiative will launch with a cohort of 3-5 Detroit-based minority developers in 2018, with a planned second cohort in 2019. Capital Impact Partners welcomes applications from anyone who matches the eligibility criteria:

Program Participants:

  • Minority developers from the Detroit area
  • Demonstrated commitment to Detroit’s revitalization
  • Some development experience preferred. Ideally, candidate will have completed at least one real estate project.

Real Estate Projects:

  • Program participants do not need to have a specific real estate development in mind when applying for the program, though it is encouraged.
  • Capital Impact’s financing tools for this program support multi-family and mixed-use projects between 6-20 residential units located in mixed-use neighborhoods that align with the City of Detroit’s multi-family target areas
  • Developments to be completed within 24 months

Questions?

Justin Williams, Inclusive Growth Program and Policy Manager
jwilliams@capitalimpact.org
(313) 230-1118

Elizabeth Luther, Detroit Program Manager
eluther@capitalimpact.org
(313) 230-1129

 

 

Interested in Applying?

APPLICATION PROGRAM OVERVIEW

OUR PARTNER

 

We would like to thank our partners at JPMorgan Chase for their generous support of the Equitable Development Initiative and our broader efforts to create a more inclusive Detroit.


 

STORIES OF IMPACT

Through capital and commitment, we help people and communities break the barriers to success. That impact is illustrated through minority developers that we have partnered with across the country to ensure that low-income communities have access to the critical social services they need to thrive. Here are a few of their stories.

 
Richard Hosey stands on the rooftop of one of his Detroit projects.

Kirby Center Lofts
When Richard Hosey returned to his hometown in 2008, the economic downturn had completely changed the city he remembered. With help from Capital Impact, the Detroit native has focused his efforts on returning the city to its former greatness through projects that foster inclusive growth for all residents.
Meet Richard

Sam Shina cuts the ribbon at the Imperial FreshMarket Grand Opening

Imperial FreshMarket
An immigrant from Iraq, Sam Shina made Detroit his hometown in the 1980s and never left. Through good times and bad, residents have relied on his stores for healthy food options. His partnership with Capital Impact has helped him continue to grow and expand to meet residents’ needs.
Meet Sam

Charles Ranges stands in the hallway of his health center

South of Market Health Center
Charles Range’s family were force to drive miles for basic medical services when he was growing up. He dreamt of better care for low-income individuals. As the CEO of South of Market Health Center, he worked with Capital Impact to secure the financing and support he needed to do just that.
Meet Charles

 

Partnering with Developers for a More Inclusive Detroit

Capital Impact is committed to working with key stakeholders in Detroit to successfully implement an inclusive growth strategy that grows the economy while protecting current and future residents. This video illustrates highlights some of the developers we are working with to bring this vision to life.


 
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