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Black entrepreneur Don Peebles is investing in the futures of women and people of color in the real estate industry. According to The Real Deal, he’s launching a $500 million fund to support developers from underrepresented groups in South Florida, Los Angeles, New York and other cities.

Peebles—who owns the real estate development firm Peebles Corp.—says he’s on a mission to level the playing field when it comes to access to capital. Through the fund he wants to work with developers from different cities throughout the country on projects that will be built on underdeveloped or vacant land. The projects will be a mix of commercial and residential buildings; some of which will have affordable housing units. According to Peebles, the fund will be supported by investors. He’s aiming to work on 60 different projects which will be between $10 million and $70 million each.

“The idea is to create this business model that shows that investing in emerging developers and investing in diversity will result in higher returns with less risk,” he said while unveiling his plan at The Real Deal’s annual residential real estate event. “It’s a very positive thing to have the developments that are taking place in communities of color, to have the projects be developed by people of color. We see this as a win-win and an untapped market.”

There are several entrepreneurs who are on a mission to make the real estate industry diverse. Johnetta G. Paye, Esq. and Ernestine Johnson created the first Black-owned real estate crowdfunding company to help individuals from underserved communities overcome the obstacles of gentrification by helping them make low-cost real estate investments.

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