Capital Impact Partners is seeking applications for the fifth cohort of the Detroit Equitable Development Initiative.
Donor Name: Capital Impact
State: Michigan
City: Detroit
Type of Grant: Training or Mentorship
Deadline (mm/dd/yyyy): 01/05/2022
Details:
The Equitable Development Initiative provides training and one-on-one support to minority real estate developers in Detroit. In the interest of participant safety related to COVID-19, they anticipate this session will be held virtually.
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, Capital Impact has launched the Equitable Development Initiative.
Charting a new path toward inclusive economic opportunity, this program combines the local knowledge, partnerships, and key strengths – including program design and project financing – to support developers of color to grow their careers and support communities.
- Training: Program participants engage in formal real estate development training, workshops with local development experts and city leaders, and discussions around challenges and opportunities for minority developers in metropolitan regions.
- Mentorship: 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.
- 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.
What is the Detroit Equitable Development Initiative (Detroit EDI) Learning Series?
The Equitable Development Initiative provides training and one-on-one support to minority real estate developers in Detroit. This is not an introductory program; candidates are expected to have some experience in this role. For the purposes of this program, a real estate developer is an individual who controls the real estate development process from start to finish. This includes:
- Identifying property and creating a project vision
- Planning, designing, and financing that project
- Overseeing the construction process
- Managing the project once it is fully operational
- Building a team of individuals to support the effort
The program considers both new construction (“ground up” or “infill” development), and rehabilitation of vacant structures, and focuses on the current real estate development environment in Detroit.
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.
For more information, visit Equitable Development Initiative.
