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 (EDOC) 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.
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:
Opportunities for Organizational Partnership
We aim to form key partnerships to serve developers of color in every region of Minnesota through opportunities for coordination and collaboration through:
- 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 provides capacity-building support and access to other resources that help emerging developers overcome barriers and racial disparities and advance their affordable housing projects. Through this program, GMHF provides substantial 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 proactively identifies developers of color across the state through targeted outreach and engagement efforts and supports them in their growth as an affordable housing developer. The program also identifies and addresses the challenges faced by developers of color by providing training resources, technical assistance, financial support, and project financing options. GMHF 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:
- Increase in racial diversity in the affordable housing developer community.
- The affordable housing market to become more inclusive and more opportunities will be shared with developers of color.
- As more diverse developers come to the market that reflect Minnesota’s 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.