DEVELOPERS OF COLOR
THE CHALLENGE
Affordable housing developers of color are underrepresented in the Detroit’s growth and revitalization efforts.
Predevelopment financing is essential for paying the many expenses of developing housing that occur before breaking ground. These expenses can be difficult to cover for developers that do not have access to additional cash for up front expenses prior to the start of construction.
Developers of color disproportionately lack the access and networks that would offer them advantages in the real estate development industry.
THE OPPORTUNITY
LISC believes that equitable, inclusive development has to be intentional to provide Detroiters access to additional development resources and create living wage jobs that connect residents to economic mobility to create a sustainable change
LISC is administering a Developers of Color (DOC) grant program offering up to $100k to each developer in matching funds to cover predevelopment expenses.The DOC program will grow the right pipeline of projects to ensure that the Detroit Affordable Housing Leverage Fund (AHLF) includes at least 30% developers of Color.
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