Capital Impact Partners, a mission-driven lender with offices in Oakland, Detroit, and Arlington, Virginia, has announced the launch of a two-year, $5 million initiative designed to help minority real estate developers participate in Detroit's economic recovery.
With support from JPMorgan Chase, CIP's Equitable Development Initiative will provide a combination of catalytic capital, one-on-one mentorship, and formalized training, with the goal of helping between fifteen and twenty new minority developers in Detroit grow their businesses. As part of its $150 million investment in the city's recovery, JPMorgan Chase has committed $500,000 over two years to the program, which aims to jump-start the development of small and midsize multifamily residential projects in mixed-use corridors and provide budding minority developers in the city with the tools and resources needed to develop real estate projects.
"Capital Impact recognizes the disparities minority developers face in Detroit, and likely across the country. There is a need for increased support to better ensure real estate developers of color who represent the Detroit diversity are able to participate in the city's revitalization," said Melinda Clemons, Detroit market lead for CIP. "We've seen success in the implementation of similar type programs in other cities like Milwaukee and Los Angeles and are confident this new effort will ensure that the brick-and-mortar development component of Detroit's economic growth continues to be inclusive."