Detroit Equitable Development Initiative
In June, we wrapped up the third cohort of our Detroit Equitable Development Initiative, in which we trained and mentored 20 real estate developers of color through online learning sessions, shifting from in-person sessions as a result of COVID-19. Participants presented their final group projects virtually to an audience and panel of key real estate and business professionals. Congratulations to all of our 2020 program participants!
The application for our fourth cohort will be live in the fall. If developers of color are interested in learning more, visit our Equitable Development Initiative webpage.
2020 Detroit EDI Participants
Siegel Clore III||
Diversity in Development – Detroit Loan Fund
Additionally, Capital Impact, with support from the U.S. Department of the Treasury’s CDFI Fund, launched the $12.5 million Diversity in Development – Detroit Loan Fund in an effort to increase support for real estate developers of color leading multifamily and mixed-use projects throughout the city. The fund provides a new tool to increase Capital Impact’s long-time commitment to equitable development and inclusive growth in Detroit, by deploying low-cost and flexible construction financing to developers of color who live in and around Detroit — with a preference given to graduates of Capital Impact’s Equitable Development Initiative.
Our goal is to create pathways of success for those developers who have not been able to enter the real estate industry due to lack of capital, equity, and experience as a result of structural racism and disinvestment. In doing so, we can help ensure Detroit’s developers are more representative of the city’s residents.
►Learn more about this fund