Supporting Developers of Color and Affordable Housing
The ability for developers of color to help shape and increase access to affordable housing in rapidly developing cities remains hampered by the fact these individuals remain underrepresented in the real estate development industry.
Currently, people of color are estimated to make up less than 5% of the developers in the country. This is a result of multiple challenges and obstacles according to developers and stakeholders interviewed during the development of this initiative. Factors contributing to this disparity are grouped into four broad categories:
- Lack of connections
- Lack of capital
- Lack of capacity
- Market and ecosystem factors
Housing Equity Accelerator Fellowship Overview
In an effort to support developers to overcome these barriers to success, we are partnering with Amazon to launch a fellowship in the Washington Metropolitan area to support our organizations’ shared goals of facilitating new opportunities for real estate developers of color while also increasing affordable and workforce housing across the region.
With a focus on individuals who are dedicated to real estate development as a career path, as well as an interest in affordable housing, the fellowship includes:
- Advanced real estate training with a focus on affordable housing
- Connections to local mentors
- The opportunity to apply for grant capital to support early-stage project development
The Housing Equity Accelerator Fellowship builds on Capital Impact’s successful Equitable Development Initiative training program for emerging real estate developers of color in Detroit and the Washington Metro area.
The Housing Equity Accelerator Fellowship is not an introductory program. Candidates are expected to have real estate development experience and are selected based on the following eligibility criteria guidelines:
- Identify as Black, Indigenous, and People of Color (BIPOC)
- Full-time developer [i.e., principal or co-principal of a real estate development firm]
- At least 1 affordable housing development projects completed or underway
- Affordable residential development activities focused on the metropolitan District of Columbia, Maryland, and Virginia region
- In need of additional balance sheet capacity, access to networks and specialized training topics to grow and scale their businesses
- DMV EDI graduates are encouraged to apply
Advantages of Working with Capital Impact Partners
- With our headquarters in Arlington, VA, we have invested more than $2.5 billion nationally to increase access to quality multifamily affordable and workforce housing, health care facilities, healthy food businesses, and education programs.
- We are familiar with local market conditions across the Washington Metropolitan region and have worked with developers of color in D.C., MD, & VA.
- Through our Equitable Development Initiative, we have deepened our commitment to fostering an environment where developers of color can advance.
- Our on-the-ground team and local partnerships allow us to leverage our networks and resources for broader impact.
- As a mission-driven organization, we are committed to supporting projects that create social and economic justice.
Stories of Impact
CEO Ellis Carr On Breaking Barriers to Success
In this video, Ellis Carr talks about Capital Impact’s efforts to utilize mission-driven financing, social innovation programs, capacity building, and impact investing, to advance issues of social and economic justice.
A New Vision for D.C. Neighborhoods
When two Equitable Development Initiative graduates had a vision for revitalizing a Washington, D.C. neighborhood and create affordable housing, they turned to Capital Impact to help jumpstart their project.
Connecting DMV Developers to Capital
In an effort to support a more diverse pool of local real estate developers, Capital Impact launched its Diversity in Development – DMV Loan Fund. This Fund also includes a grant program to provide additional equity support.