Black Americans represent less than 5% of residential real estate developers, largely because they can’t get equal access to capital, according to a recent report by the Urban Land Institute.
Institutional capital – real estate investment trusts and private equity in particular – are the dominant players. Black developers often don’t have exposure to those investors.
But a new program in Philadelphia is offering developers of color a unique opportunity to build both new homes and their businesses. Philly Rise is designed to recruit, train, support and open up access to capital. The goal: Produce 50 new residential housing units annually for the next five years.
“There is an imbalance,…