• 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 real estate 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 support minority developers in Detroit.

Training
Program participants engage in formal mixed-use real estate development training, workshops with local development experts and City of Detroit leaders, and discussions around challenges and opportunities for minority developers in Detroit.

Mentorship
Participants will receive one-on-one support from both a Developer Mentor and a Finance Mentor. These local experts will provide project-specific guidance to further participants’ real estate development efforts.

Financing
Capital Impact will work with program participants to connect them to project financing options, leveraging the tools they’ve gained to strengthen their financing applications.

 

ELIGIBILITY CRITERIA

The Equitable Development Initiative launched in 2018 with a cohort of 28 individuals, seven of whom are paired with local developer mentors and are working to further real estate development projects in Detroit neighborhoods. A planned second cohort is under development for 2019, with an application process opening in the third quarter of 2018, Capital Impact Partners welcomes applications from anyone who matches the eligibility criteria:

Program Participants:

  • Minority real estate developers from the Detroit area.
  • Real estate developers must show a demonstrated commitment to Detroit’s revitalization.
  • Some development experience preferred. Ideally, candidates will have completed at least one 4+-unit real estate development 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-income neighborhoods that align with the City of Detroit’s multi-family target areas.
  • Developments would 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

 

 


MEET THE EQUITABLE DEVELOPMENT INITIATIVE PARTICIPANTS


Sauda Ahmad-Green
Sauda is a native Detroiter and founded S&S Development Group, LLC in 2005. S&S focuses on real estate investments, community development, and neighborhood revitalization. Sauda serves as the principal and manages day-to-day operations. She is also a licensed attorney in the state of Michigan.

Ron Bartell
Ron launched R&J Development as a property investment firm in 2006. A native of Detroit, his vision for the company is to make strategic investments in areas that are a major part of the renaissance of the city. R&J currently owns multiple residential and commercial properties throughout Detroit.

 


Chase L. Cantrell
Chase is the executive director and founder of Building Community Value, a Detroit-based non-profit dedicated to development projects in underserved Detroit neighborhoods. Chase seeks to be a catalyst for sustainable social and economic development that engages distressed communities in creating impactful, resident-led change but, more specifically, that improves livability for all Detroiters.

Damion Ellis
Damion is the managing partner of the Phoenix Real Estate Company.The Detroit native is an expert in the financial services industry, playing critical roles in the execution of more than $12 billion in financial transactions that include collateralized loans and municipal bonds. Damion’s strong commitment to the city of Detroit and economic development have led to major developments in underdeveloped.


James Feagin IV
James is an urban practitioner with a passion for inclusive economic development. As a consultant, he helps his clients innovate their neighborhood investment programming. He also currently serves as Entrepreneur-In-Residence for FREC City, an economic-mobility hub and recently launched projects+PEOPLE, a neighborhood-focused development firm supporting mission-driven organizations investing in cities nationally.

Jeanine C. Hatcher
Jeanine is the executive director and co-founder of GenesisHOPE, and is charged with carrying out the organization’s mission to achieve the vision of sufficient sustainable livelihood for all by focusing on youth, community, and economic development in Detroit’s Islandview Village. Jeanine has more than 30 years of experience in the business and nonprofit sectors. She “brings an entrepreneurial view” to the mission of social justice.


Alisha Moss
Alisha is currently the CEO and founder of VM3 Consulting Corporation and VM3 Construction, LLC, a small, minority, woman-owned consulting and construction firm that has recently relocated to the Metro-Detroit area. VM3 leverages capital procurement, finance, tax, project management, training/facilitation, and business process experience to become trusted advisers for its clients.


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

Man stands in room about to be renovated

Equitable Development Initiative Cohort
The EDI program launched with promising individuals representing a broad spectrum of community development expertise. Follow along as we take a deep dive with three participants to learn more about their backgrounds and their future plans.
Meet The Cohort Team

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

 

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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