Empowering Developers of Color to Lead Revitalization Efforts
In an effort to better ensure that real estate developers truly reflect their city’s diversity and that real estate developers of color are able to participate in growth and revitalization efforts, we have launched the Equitable Development Initiative. Charting a new path toward inclusive economic opportunity, this program combines our local knowledge, partnerships, and key strengths – including program design and project financing – to support developers of color to grow their careers and support communities.
Program participants engage in formal real estate development training, workshops with local development experts and city leaders, and discussions around challenges and opportunities for developers of color in metropolitan regions.
Participants receive one-on-one support from both a developer mentor and a finance mentor. These local experts provide project-specific guidance to further participants’ real estate development efforts.
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.
DMV EDI Applications – Open Winter 2024
If you’re interested in applying for DMV EDI, please check back in Winter 2024 for more details.
Equitable Development Initiative Eligibility Criteria
Candidates are selected based on the following eligibility criteria guidelines:
- Identify as racial or ethnic minorities.
- Be actively working to further careers in real estate development. As this is not an introductory program, candidates are expected to have some real estate development experience.
- Live in or near the primary metropolitan area of the program, and have a strong connection to the city in which they are working.
- Demonstrate a commitment to inclusive growth and actively participating in that effort in the applicant’s city.
- Be able to commit to in-class training sessions on a weekly basis for up to six (6) hours per week during the cohort period.
- Be interested in responding to requests for proposals for real estate development opportunities with or without a development partner in the next 1-2 years.
Meet Our EDI Program Participants
Equitable Development Program participants represent a diverse group of individuals with a range of backgrounds and experience. We invite you to learn more about them by downloading the
fact sheets below.
We would like to thank our partners at JPMorgan Chase and the A. James & Alice B. Clark Foundation for their generous support of the Equitable Development Initiative and our broader efforts to create a more inclusive economic opportunities in Detroit and Washington, D.C.
Returning Detroit to Greatness
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.
Learning New Skills to Shape Their Future
The EDI program provides key skills to 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.
Building Community in Washington, D.C.
When Thomas Houston and Talayah Jackson had the vision to turn a vacant lot in Washington, D.C.’s Ward 7 into affordable housing, office space for entrepreneurs, and a locally owned grocery store, they used their skills from the EDI program – and financing from Capital Impact – to get their project off the ground.