TruAmerica Multifamily’s Post

Check out Urban Land Institute's latest article featuring the Growing Diverse Housing Developers #GDHD Initiative and developers from across the country working in partnership to bridge the real estate gap. The housing industry and communities can benefit from having more affordable housing development firms led by people of color, in both the nonprofit and for-profit sectors. When CDFIs work together to expand access to capital and resources for a diverse set of leaders, we can better advance critical affordable housing solutions in our communities. The GDHD initiative is led by Reinvestment Fund, Capital Impact Partners, Low Income Investment Fund, Impact Partners and Raza Development Fund and funded by the Wells Fargo Foundation. The four-year initiative aims to work with top U.S. housing development firms led by BIPOC owners to create racially equitable, affordable, and adequate housing solutions and develop 1,500 affordable housing units nationwide. #GrowingDiverseHousingDevelopers #communityledsolutions #affordablehousingsolutions https://lnkd.in/g9avKfd7

MassHousing and the Massachusetts Housing Investment Corp. (MHIC) have launched an unprecedented $50 million Equitable Developers Fund, marking a significant step towards diversifying Massachusetts' housing delivery system. This initiative aims to empower developers from socially and economically disadvantaged backgrounds with enterprise-level financing, directly responding to the stark underrepresentation revealed in the "Breaking the Glass Bottleneck" report by Grove Impact and ICIC, funded by the Siegel Family Endowment. The report found Black and Hispanic real estate developers constitute less than 1% of the industry. As the largest public fund of its kind, backed by MassHousing's biggest partnership with a Community Development Financial Institution (CDFI), this Fund not only aims to bridge the racial wealth gap but also serves as a scalable model for community lending, striving for broader inclusion and equity in real estate development. https://lnkd.in/eaywMu5q . . . #ICICOrg #ICIC #ICICResearch #Equality #RealEstateDevelopment

🏡✨ Reaching New Heights in California: Affordable Housing Through Unity & Innovation ✨🏡 Exciting news from the frontlines of housing in California! The Low Income Investment Fund (LIIF) is making waves with their ground-breaking efforts to create and preserve affordable housing. Celebrating 40 years of success and a recent banner year of $292 million in loans, LIIF continues to prioritize housing for under-resourced communities, with a staggering 77% of loans supporting affordable housing. 🚀 This year's Housing California Conference, themed “Celebrating Success, Shaping the Future,” aligns perfectly with LIIF's commitment to embedding racial equity in lending. 🌟 The conference is a melting pot of ideas, best practices, and innovative strategies to address the state's housing challenges, fostering an environment where collaborative partnerships thrive. LIIF's holistic approach includes the Impact-Risk-Profitability (IRP) Framework, a game-changer designed to challenge institutional racism and empower communities of color. By assessing impact, risk, and profitability, LIIF is steering the conversation towards more equitable lending practices. 🌈 The California housing landscape faces significant challenges, with a 3.5 million-unit deficit and a median home price near $1 million. Yet, LIIF stands firm in its belief that these hurdles can be overcome through collective impact and strategic partnerships. From the Coachella Valley’s Housing Catalyst Fund aiming to produce 10,000 affordable units by 2028, to the Black Developer Capital Initiative providing crucial financing to developers of color, LIIF is paving the way for a more inclusive future. 🏗️🏘️ As we gather insights from the Housing California conference, LIIF is poised to amplify its impact, leveraging deep-rooted partnerships and innovative lending tools. Let’s celebrate the strides taken and gear up for a future where everyone in California has access to affordable, quality housing. Together, we're building a brighter, more equitable tomorrow. 💪🏽💼 #AffordableHousing #Innovation #CommunityDevelopment #LIIF #HousingCrisisSolutions https://lnkd.in/gHyyERDF

Parallels Between the Detroit Lions and CDFIs in Detroit: A Blueprint for Resilience and Community Growth The Detroit Lions' resurgence offers powerful lessons for Detroit's Community Development Financial Institutions (CDFIs) working to rebuild underserved communities. Both show how resilience, strategic investment, and long-term vision can drive success. Resilience and Rebuilding Just as the Lions have focused on rebuilding with a long-term strategy, CDFIs take a similar approach in Detroit. By providing flexible financing and technical assistance to local entrepreneurs and small businesses, CDFIs empower communities to rebuild from within. For example, minority-owned businesses in Detroit are given opportunities to grow, helping fuel the city’s economic revival. Teamwork and Collaboration In football, no single player wins the game alone, and the same goes for CDFIs. They collaborate with local governments, financial institutions, and nonprofits to tackle issues like blight and affordable housing. Much like the Lions strengthening teamwork under new leadership, CDFIs partner with stakeholders to bring meaningful change. Investment in Talent The Lions invest in young players, just as CDFIs invest in local talent by offering mentorship and financial resources to emerging entrepreneurs. By nurturing future business leaders, CDFIs are helping to build a sustainable future for Detroit. Community Engagement Just as the Lions energize their fan base, CDFIs are deeply connected to the communities they serve. By listening to and addressing the needs of residents, they ensure that investments are aligned with the community’s goals. For example, financing community-owned projects like grocery stores in food deserts creates long-term benefits. Long-Term Vision The Lions understand that success doesn’t come overnight. Similarly, CDFIs adopt a patient capital approach, financing projects that might take years to realize their full potential. This long-term vision is vital for lasting community revitalization. Both the Detroit Lions and CDFIs embody the spirit of resilience and teamwork that fuels the rebirth of Detroit. Together, they’re driving a brighter future for the city. #CDFI

🌟 How is a unique partnership transforming South LA? At the Mission Investors Exchange National Conference, attendees learned about the Block X Block project—a collaboration between Genesis LA, Community Coalition, and local partners. This 10-year commitment leverages patient capital and community input to drive sustainable development. 🏘️🌳 Evermont, a key development in the Vermont Corridor, will offer 180 affordable housing units, commercial spaces, and a charter school. This site, vacant since the 1992 civil uprisings, is being revitalized through creative financing and community-driven decision-making. Read the article by Elizabeth Gilbert Kaetzel here 👉 https://lnkd.in/dMQNRMVt Could this model inspire more community-focused investments? 🤔 . . . . #ImpactEntrepreneur #ImpactEconomy #ImpactInvesting #CommunityWealth #SustainableDevelopment #SouthLA #AffordableHousing #CatalyticCapital #SocialImpact #PatientCapital #TrustBasedInvesting #CommunityEngagement #InnovativePartnerships #EconomicDevelopment #GenesisLA #MissionInvestorsExchange

Affordable housing in a terrible market? Seems impossible…but the story of the Prosperity in Place Case Study shows exactly how it can be done. Just after the market crash of 2008 pushed nearly ½ of South Atlanta’s homeowners into foreclosure, Focused Community Strategies created a new plan for affordable housing. With the help of a small group of investors, they obtained capital, acquired and stabilized homes, and sold them to neighbors for affordable rates. Read the whole story about how an entire community risked a great deal for a vision of equity that paid off. Download the FCS and Purpose Built Communities case study! 🔗 https://lnkd.in/ekzBvV9B // Jim Wehner

When we began unpacking the symptoms that contribute to Wyoming's economic challenges, several key areas emerged as barriers. To address these barriers, the WBC is leading workstreams focused on understanding the challenges so we can work collaboratively to solve them. Current workstreams are investigating issues surrounding Wyoming's workforce, housing, economic complexity, energy, grants, research and development, and entrepreneurship. New workstreams continue to develop as we identify more complex problems and their root causes. Learn more at wbc.pub/Approach #resilient #WBC25years #whywyoming #thrivewyo #wybusiness #economicflywheel

IF YOU ARE NOT PART OF A PERMANENT AND LASTING SOLUTION TO THE AFFORDABLE HOUSING CRISIS AND HOMELESSNESS, YOU ARE THE PROBLEM! THE AFFORDABLE HOUSING INDUSTRIAL COMPLEX IS BROKEN AND NOT WORKING FOR AMERICAN TAXPAYERS Veteran Housing Corp would ask every TAXPAYER to demand and get answers from their elected and appointed government officials the below questions as they relate to any affordable, workforce, or supportive housing project in your community! 1. How much local, state, and federal funding, tax credits, or other government benefits or incentives did the project receive? 2. What is the affordability period for each project? Is the affordability period permanent and in perpetuity? 3. What guarantees exist have your local, state, and federal government officials obtained in writing that rents will not go up or that tenants will not be displaced or evicted after the "affordability period expires? Every local, state, and federal housing authority and affordable or workforce housing stakeholder should adopt the State of Vermont's "permanent affordability" policy as a model for all future government funded or subsidized housing projects or developments, no exceptions! https://lnkd.in/eFEUC8c8 Additionally, local, state and federal housing agencies should look to the Helsinki, FINLAND MODEL of ending homelessness by providing affordable housing for all 'It’s a miracle': Helsinki's radical solution to homelessness https://lnkd.in/er9HZSQU Even the U.S. Department of Housing and Urban Development AGREES THAT adopting FINLAND'S MODEL OF ERADICATING HOMELESSNESS may be of great value to resolving the affordable housing and homelessness crises in America https://lnkd.in/gkSZWYRU

Call for Case Studies: Community Ownership to Keep Small Businesses In Place @Small Business Anti-Displacement Network (tag) is accepting proposals for case studies of community ownership strategies that prevent small business displacement in gentrifying neighborhoods, focusing on BIPOC and immigrant businesses and communities. Proposals are due April 18. Community ownership is a long-term solution that allows community members and stakeholders to control commercial assets, land, and enterprises. Potential topics include commercial condos, commercial co-ops, community land trusts, commercial property acquisition funds, and community investment trusts. Grantees will receive $15,000 and the opportunity to learn from other case study teams, receive consultant support from SBAN experts, and present their work at SBAN conferences. Two grantees will be selected to host site visits and receive an additional $10,000. SBAN will publish these case studies in 2025. Learn more and apply: https://lnkd.in/eSu5WqaA Have questions? Join SBAN for a pre-proposal info session on March 14: https://lnkd.in/eHrwYjBa Contact sban@umd.edu with questions. #communityownership #antidisplacement #casestudies #commercialcoop #communitylandtrust #developmentwithoutdisplacement

Business Boost Microgrant Funding Available! Applications open this Wednesday! The Department of Housing and Community Development (DHCD) through the Neighborhood BusinessWorks (NBW) program, is offering up to $2,000,000 of Business Boost microgrants ranging from $20,000 to $50,000 to support small businesses who need capital for growth and/or expansion opportunities. Applications will be accepted online starting March 13th, 2024, at 12 PM EST. The application round is projected to close when funds are exhausted. Please check back to DHCD's website periodically for additional updates. The Business Boost microgrant assists businesses seeking to expand their business, or establish a location, with a preference to supporting home-based businesses in establishing their first commercial location outside of the home. Business Boost funding will seek to fund businesses that meet one or more of the priority impact attributes that lead to growing the economy throughout the state. A few of the priority impact attributes are: - Businesses within a Sustainable Communities area. - Innovative small businesses that drive innovation or technology advancements. - Businesses that are growing new industries. - Businesses focused on regional strengths to grow local economies. - Businesses that leverage partnerships between local school districts, community colleges, and other higher education institutions in Maryland. - Minority Business Enterprise (MBE). https://lnkd.in/eyH-5GqQ #smallbusiness #smallbusinessowner #veteranowned #veteranownedbusiness #minorityownedbusiness #econdev #hagerstown #hagerstownmd