Community Vision and Genesis LA are excited to announce the launch of CalCORE’s second cohort. California Community-Owned Real Estate Program (CalCORE) is a five-year state-wide initiative that brings together cohorts of small and emergent developers, with a focus on Black, Indigenous, people of color-led (BIPOC) real estate organizations – particularly Community Development Corporations (CDCs) and Community Land Trusts (CLTs).
Donor Name: Community Vision
State: California
County: All Counties
Type of Grant: Grant
Deadline: 04/01/2022
Size of the Grant: $5,000
Details:
These deeply-rooted organizations often serve as a buffer between the commercial real estate market and their communities while navigating capacity and capital barriers for wider community impact. The second cohort will support small and emergent community-based real estate entities with acquiring and operating commercial real estate including retail, nonprofit, light industrial space, agricultural land, and more.
The second cohort is open to small and emergent community-based real estate entities that are purchasing and/or holding commercial real estate for community use. Organization types can include CLTS, CDCs, and other types of community real estate entities. The program focuses on BIPOC-led real estate organizations deeply rooted in communities of color and historically disinvested communities.
CalCORE is funded by Northern California Grantmakers, The California Endowment, The James Irvine Foundation, and JPMorgan Chase.
Topic Covered
- Small sites development, including residential and mixed-use, non-housing commercial, non-profit facilities, shared office space, retail corridors, and agricultural land.
- How do you know you are ready to purchase the property? What are the financial and managerial characteristics that need to be in place in order to ensure long-term sustainability?
- How do you know when a real estate deal is sustainable? Basics on assessing project viability including reviewing real estate pro forma.
- Traditional and alternative financing strategies – including an introduction to the underwriting process and understanding debt criteria.
- Creating and reviewing project budgets and proformas.
- Portfolio management includes facilities, property, and asset management.
- Construction project management: fundamentals of construction management and putting together your project team.
- Board and financial considerations for community-based, real estate-driven nonprofit.
- Stability strategies for small real estate nonprofits and possible collaboration strategies.
- Regular ways for cohort participants to share the work they are doing in one-on-one technical assistance work.
Funding Information
Each Organization Will Receive:
- A $5,000 stipend.
- Up to 80 hours of one-on-one technical assistance.
Priority Organizations
- Are deeply rooted in low-income communities, communities of color, and historically underserved communities.
- Are BIPOC-led. This is defined as meeting at least one of the following criteria: A BIPOC executive director; Majority of the board is BIPOC.
- Are new or emerging organizations.
Eligibility Criteria
- The organization and its programs/projects must be located in the state of California.
- The organization must be a Community Land Trust, Community Development Corporation, or other locally rooted nonprofit that will be acquiring and developing real estate as an ongoing program.
- The organization’s projects must focus primarily on commercial real estate (retail, commercial corridors, nonprofit office, and program space, light industrial/maker space, agricultural land, mixed-use sites, etc). Projects can include other ancillary uses such as housing.
- Commitment from at least one staff member, board member, or volunteer to attend all in-person and online learning sessions; to the best of their ability. A maximum of two people per organization can participate.
For more information, visit California Community-Owned Real Estate Program.
