2024 Winter Issue of Urban Land - 60

level of capital that is more at risk, " Mosley
says, adding that the program has created
a loan product to specifically help fund the
early-stage, high-risk capital to help these
developers progress.
In addition to creating a national learning
Derrick Tillman of
Bridging the Gap
Development in
Pittsburgh notes
that loans for Black
developers are heavily
scrutinized. Knowing
the risk will be
assessed differently
means having to
present and " almost
perfect deal.
cohort of developers who meet monthly, the
program makes sizable enterprise-level grants
into these organizations so that they have the
foundation to grow and the equity necessary
to make them competitive, while ensuring
that they have full control of whatever project
they're pursuing.
To be able to help create wealth among
people in a historically excluded group
that has not had a seat at the table due
to systemic and institutional racism is
a game changer, says Kareem Thomas,
chief credit officer at the Wells Fargo-
backed Reinvestment Fund in Atlanta. " The
Reinvestment Fund has also been intentional
with enhancing our credit policies and
underwriting guidelines to ensure we eliminate
any perceived barriers to accessing capital, "
he says.
In some instances, Tillman says, things are
getting better as few lenders or Community
Development Financial Institutions (CDFIs)-or
both-are offering funding responsive to the
specific needs of diverse developers. But he
said more needs to be done to help them
scale their offerings.
Black Squirrel's Webster says that another
similarly sized and experienced developer may
be more profitable because the capital made
available to them comes at a more affordable
rate. " Therefore, I'm hindered, and that's held
against me until I hit a certain stage. " To have
access to much more is why government
programs are being created to support underrepresented
developers who are working
in distressed neighborhoods. " They have to
60
URBAN LAND WINTER 202 4
NANCY ANDREW S

2024 Winter Issue of Urban Land

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