Capital Impact Partners, a non-profit organization based in the District of Colombia that provides financial services to underserved markets, has awarded grants to 16 Detroit real estate projects led by people of color.
The grant, which totals $415,000, will be broken into awards ranging from $10,000 to $75,000 and given to 19 alumni of the nonprofit’s Equitable Development Initiative, which works to close the racial wealth gap and give local developers of color a leadership role in Detroit’s real estate development through training, mentorship, and access to capital.
Some of the developers getting money from the grant include Anthony Askew, Edward Carrington, Rashard Dobbins, Karasi Development Group, and Terence Wills, among others.
Their projects are “expected to rehabilitate or develop more than 293,000 square feet of new and rehabbed space; 262 residential units, including the creation of 93 units at or below 80 percent of the area median income; and 29 commercial units throughout Detroit and Highland Park,” according to a press release.
“These grants help the developers secure pre-development services — giving them a better understanding of whether a project is viable, helping them expedite the timeline for the project, and alleviating their equity burden and early-stage risks,” that same press release notes.
Since 2021, Capital Impact Partner has granted a total of $546,500 to developers of color in Detroit, which was made possible through funding from the Ralph C. Wilson Jr. Foundation and the Kresge Foundation.