New program aims to help Dallas developers of color

A new program for real estate developers of color in North Texas is designed to bring diversity to the region’s booming real estate market while also creating more affordable housing.

Driving the news: The Equitable Development Initiative, led by Capital Impact Partners, announced this week that Dallas will be the fourth metro area where it trains developers.

Why it matters: The real estate industry has traditionally been controlled by national firms. Developers of color face significant barriers, including a lack of access to capital, equity and experience — much of which is a result of generations of systemic racism.

How it works: Developers attending the program will receive training in project budgeting, real estate finance, contractor management, legal services and community engagement.

• They'll also be paired with local mentors and given potential pathways to funding.
• JPMorgan Chase is providing $500,000 for the program's expansion into Dallas. Capital Impact also received a grant from Charles Schwab.

Zoom out: Housing inventory in North Texas is at a historic low, and Dallas in particular has a massive housing shortage.

• The rising cost of homes has pushed many communities of color away from the center of Dallas.

What they're saying: “There are so many talented developers of color who are ready to work with local neighborhoods to create housing solutions that uplift and support communities,” Capital Impact Partners president and CEO Ellis Carr tells Axios in an email.

• "Our program will begin to build a more equitable real estate development ecosystem here in Dallas."

What's next: There will be a panel discussion from 11am-1pm today at Texas Discovery Gardens, featuring Dallas Councilmember Casey Thomas II, president and CEO of Builders of Hope James Armstrong III and representatives from Capital Impact Partners and JPMorgan Chase.