Emerging Developer of Color Program

Becoming an affordable housing developer can be a rewarding yet challenging business...
Greater Minnesota Housing Fund can help!

Affordable housing developers of color are underrepresented and may lack access to capital and business relationships within the industry.

GMHF’s Emerging Developer of Color Program aims to support individuals and organizations led by people of color in their growth as affordable housing developers. GMHF also seeks to coordinate efforts and work in partnership with other organizations to support statewide efforts that reduce racial disparities in the affordable housing industry, increase the impact and effectiveness of existing programs for people of color, and advance common objectives.

 

Apply for Grant Funding

Funding is now available for emerging developers of color to advance housing development projects or receive training in affordable housing development. Applicants are strongly encouraged to contact the program manager and schedule a technical assistance meeting prior to submitting an application.

Issued: December 1, 2021
Total Funding Available: $250,000
Individual Grant Award Amounts Predevelopment grants of up to $50,000 and Training grants up to $5,000.
Contact Information: Irene Ruiz-Briseño, Emerging Developer of Color Program Manager, iruizbriseno@gmhf.com.
To Apply:  Please complete the application below and submit via email to iruizbriseno@gmhf.com.

 

Resources for Developers of Color

If you are a developer, landlord, entrepreneur, or small business owner of color looking for support with an acquisition, rehabilitation, or new construction housing project, contact us for:

  • Technical assistance
  • Flexible project financing options
  • Grant funding opportunities
  • Training resources
  • Predevelopment financing
Opportunities for Organizational Partnership

We are aiming to form key partnerships to serve developers of color in every region of the state. Opportunities for coordination and collaboration to support developers of color:

  • Alignment and coordination with existing capacity building programs
  • Leveraging resources and organizational strengths for greater impact
  • Advancing policy and systems change in the industry and politically
  • Increasing efficiency and effectiveness of existing programs
  • Engaging local expertise to implement solutions to local housing challenges
Program Purpose & Objectives

The Emerging Developer of Color Program will provide significant capital and capacity supports to developers of color. The program will also offer access to debt and equity programs, and other resources that will help emerging developers overcome barriers and racial disparities and advance their affordable housing projects. Through this program GMHF will provide substantial capacity building and technical assistance to help less experienced borrowers navigate the requirements to conduct due diligence, qualify for financing, close on a property, and manage and maintain the property over time.

GMHF will proactively identify developers of color across the state through targeted outreach and engagement efforts and support them in their growth as an affordable housing developer. The program will also identify and address the challenges faced by developers of color by providing training resources, technical assistance, financial support, and project financing options. GMHF also seeks to engage new partners to support statewide efforts to reduce disparities in homeownership and other diversity, equity, and inclusion housing priorities.

Through this program GMHF seeks to achieve the following impacts:

  • An increase in the racial diversity in affordable housing developer community.
  • The affordable housing market will become more inclusive of developers of color, and more opportunities will be shared with developers of color.
  • As more developers come to the market that reflect Minnesota’s diverse communities, the housing system will be better equipped to meet the housing needs of our diverse communities.
  • Developers that are engaged in affordable housing activity will build wealth and income, improving their lives and the lives of their families.
  • Developers of color will contribute to the overall goal of producing and preserving affordable homes, which Minnesota drastically needs.
Learn More

For additional information contact:

Irene Ruiz-Briseño,

Emerging Developer of Color Program Manager
iruizbriseno@gmhf.com

 

Stay Connected — Sign up for Emerging Developer of Color Program updates:



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