Detroit Evening Report: Capital Impact Partners awards $415K in grants to real estate developers of color
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Capital Impact Partners has awarded $415,000 in grants to 16 real estate projects led by developers of color in Metro Detroit.
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Nineteen alumni from the Equitable Development Initiative are leading the projects to help real estate developers of color take a leadership role in Detroit’s redevelopment landscape.
The grants will help rehab or develop more than 293,000 square feet of real estate, including 262 residential units.
“These grants help the developers secure pre-development services — giving them a better understanding of whether a project is viable, helping them expedite the timeline for the project, and alleviating their equity burden and early-stage risks,” states a press release.
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