Mar 13, 2023 - Real Estate

Local development projects get early-stage funding

Illustration of quarters transformed into nails.

Illustration: Shoshana Gordon/Axios

Nearly 20 local developers of color just received crucial grant funding to help get their community development projects off the ground.

Why it matters: The grants are an example of expanding resources available to Detroiters who need help taking part in the city's development boom.

Driving the news: Capital Impact Partners, a national nonprofit with an office here, awarded $415,000 in grants last week to alumni of its Equitable Development Initiative training and mentorship program.

  • The awards range from $10,000-$75,000.

Between the lines: Early-stage capital can be hard to get because lenders see more risk in development projects that are just getting started.

What they're saying: Having support early on can make or break a project, Elizabeth Luther, Capital Impact Partners' Detroit program director, tells Axios.

  • The nonprofit realized years ago that residents, who often face systemic barriers to wealth-building, were having trouble accessing capital for development.

State of play: The awarded projects are expected to rehabilitate or develop more than 293,000 square feet of space, including 262 residential units and 29 commercial units throughout Detroit and Highland Park.

The big picture: Building Community Value and the Urban Land Institute also offer community development programs for Detroiters.

What's next: More application information for the next EDI training program is expected next month.


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