$300,000 in grants will support five nonprofits, help build wealth, increase affordable housing, expand community impact
U.S.Bancorp Impact Finance continues to support the growth of real estate developers of color, announcing its latest round of grant funding to nonprofit organizations that are working closely with developers to help them get needed experience and expertise to be successful.
Through U.S. Bank Access to Capital: Collaborating to Invest in Developers of Color, a total of $300,000 in new grants has been awarded this year to five organizations providing needed training and technical assistance. This brings Impact Capital’s three-year total commitment to $850,000.
“Historical barriers make it harder for people of color to break into the real estate development industry,” said Phillip Sangokoya, director of Business Impact Integration with Impact Finance. “They face added challenges – ranging from lack of technical training and support to get that needed first deal under their belt, to difficulty accessing capital. Their absence at the table means communities are missing out on the unique perspective they bring, and the developers are missing out on the opportunity to build wealth.”
The five organizations receiving a $60,000 grant are: Neighborhood Development Center, St. Paul, Minnesota; BCL of Texas/Innovan Neighborhoods, Austin, Texas; National Affordable Housing Trust (NAHT), Columbus, Ohio; Baltimore Community Lending, Baltimore, Maryland; and Richmond Neighborhood Housing Services, Richmond, California.
Each applied and was selected for its track record of working to with developers of color to help them build capacity and capabilities, as well as demonstrated commitment to racial equity.
“We recently concluded our first cohort of 19 Dallas metro developers of color,” said Maggie Parker, founder of Innovan Neighborhoods. The organization leads a Community Developers Roundtable, coordinating monthly meetings, volunteer support and speakers, investor and partner events, as and offers technical assistance. “A network of Dallas developers of color will be created and a second cohort of developers of color this fall. The funder support and peer collaborations greatly contributed to the program.”
“We deeply appreciate this grant from U.S. Bank in support of NAHT’s exciting new partnership through our Black Developers Capital Initiative (BDCI),” said Brian Robinson, senior vice president and director of Development Advisory Services at NAHT. “This funding helps us provide consulting resources to a group of talented and mission-driven developers committed to expanding affordable housing and advancing access to equitable housing opportunities.”
The grant initiative is part of U.S. Bank Access Commitment™, the bank’s long-term focus on helping build wealth in Black communities and providing more opportunities for diverse employees.
Developers of color looking for technical assistance can contact any of the five nonprofits receiving funds to learn more about their programs:
This is just one of several ways Impact Finance is supporting developers of color. It’s also working to expand equitable access to capital to emerging developers of color in the affordable housing industry, with plans to deploy at least $125 million in debt and $125 million in Low Income Housing Tax Credit investments over five years.
Impact Finance’s Specialty Finance team also lends to community development financial institutions (CDFIs), which can in turn fund site acquisition, pre-development, construction and permanent financing to Black- and person of color-led developers. U.S. Bank has provided more than $500 million in capital to CDFIs and their customers over the last three years.
New name but same commitment from U.S. Bank subsidiary delivering impact-focused financial solutions
$300,000 grant will support five CDFIs to help build wealth, increase affordable housing, expand community impact.
Grants to CDFIs will provide technical assistance to real estate developers of color.
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