2024 Winter Issue of Urban Land - 59

attainable or affordable low-income housing.
Often, Black developers are put in a different
category, such as impact capital, which
leads to a different set of questions. " It's a
stigma that we all ... look at the same types
of development, and if we don't do lowincome
housing, then there's no reason to
look at the deal, " Collins says, adding that
we also shouldn't assume that there's not
wealth in historically Black areas. " We have
to understand that market, as well as the
markets that are not of color, because we
want to move within both of them. "
Nisbeth echoes that message and says
there's an evident lack of diverse real estate
developers in certain markets. Much of the
effort to increase diversity in the industry
has been narrowly focused on the affordable
housing market " to the exclusion of other
market sectors that can be more financially
lucrative, " she says.
Funding programs changing the narrative
Although the developer landscape is
becoming more diverse every day, Nisbeth
says the number of programs and associated
dollars put toward this historic problem pales
in comparison to what is needed to solve
it. Johnson, however, says that the message
is gaining traction, with a lot of institutions
saying they want a more diverse group of
borrowers and investor managers because the
returns from what Black developers are doing
tend to be strong.
Mosley says his Growing Diverse Housing
Developers program was awarded $30 million
by Wells Fargo in 2021 to work with 27
diverse developers across the country who are
more established in the space.
Wells Fargo's goals are to increase the
supply of homes that are available and make
sure that the development firms have the
capacity to attract enough capital from other
sources in the space. The goal is to develop
1,500 affordable housing units nationwide
over four years.
It's important for banks to look at their
credit box, determine who is not represented
in those deals, and find prudent ways to be
more flexible with developers of color. " What
financial institutions can do is understand that
getting a project off the ground requires a
Black Squirrel
Collective in
Philadelphia recently
celebrated the first
anniversary of Philly
Rise, a five-year real
estate accelerator
training program to
provide Black and
brown developers
access to capital
developers.
WINTER 202 4
URBAN LAND
59
FEATURES
ANKROM MOIS OM

2024 Winter Issue of Urban Land

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