Capital Impact Partners and JPMorgan Chase Launch New Program to Increase the Number of Minority Developers in Detroit

Oct 19

12:01 PM

By Chris Hughes

Tagged: All Neighborhoods

JP Morgan Chase & Co.

(Excerpt)

Innovative, two-year pilot program provides critical capital and training for next generation of developers

October 19, 2017 (Detroit) – Today, Capital Impact Partners—with support from JPMorgan Chase & Co.—announced a new $5 million program committed to help more minority real estate developers participate in Detroit’s continued economic recovery by providing them with critical training opportunities and access to capital. The program will help 15-20 new minority developers help their businesses grow.

As part of the firm’s $150 million investment in Detroit’s recovery, JPMorgan Chase has committed to a $500,000, two-year investment in Capital Impact’s Equitable Development Initiative. This program will provide a combination of catalytic capital, one-on-one mentorship with local experts, and formalized training to bolster inclusivity within Detroit’s real estate market. The two-year program is designed to kick-start the development of small- and mid-sized mixed-use, multi-family residential projects in the city’s mixed-use corridors and is aligned with Capital Impact’s mission—helping people build communities of opportunity that break barriers to success.

Nationally and locally, minority developers are often underrepresented in the broader real estate development industry. In fact, Capital Impact realized of the $152 million it loaned in Detroit between 2006 and 2015, projects led by minority developers received approximately 1/10th of that financing.

Read more about this program HERE.