Although real estate is one of the fastest-growing industries in the world, there remains a lack of representation within the space. A project designed to cultivate pathways for diverse developers is expanding to the city of Dallas.
Launched in 2018 by Capital Impact Partners—a nonprofit that leads efforts centered on social and economic justice—the Equitable Development Initiative was established to ensure revitalization projects across different cities reflect the diversity of their communities.
Through training, mentorship and financing, Capital Impact Partners strive to equip developers of color with the tools needed to use real estate as an avenue to uplift under-resourced communities. Many of the development projects led under the program were created to provide social services and other resources for low-income neighborhoods. Since its inception, the program has served over 200 developers in Detroit, the Bay Area and the Washington metropolitan region.
The Dallas expansion will kick off with a cohort of 20 rising real estate developers. Ellis Carr, who serves as President and CEO of Capital Impact Partners, says the program will advance the nonprofit’s mission of fostering equity for underrepresented developers so they can lead transformative change in their communities.
“Systemic barriers have prevented developers of color from accessing capital and achieving their potential in helping communities across the country,” he shared in a statement. “There are so many talented developers of color who are ready to work with local neighborhoods to create housing solutions that uplift and support communities. As we are doing in Detroit, the Washington metro area, and the San Francisco Bay Area, our EDI program will begin to build a more equitable real estate development ecosystem here in Dallas.”
Projects like the Dallas Equitable Development Initiative are needed as the rising housing costs have led to the displacement of many of the city’s residents. A collective of tenants recently spoke at Dallas City Hall to express their concerns regarding gentrification and housing insecurity.