Helping real estate developers of color shape the future of Cleveland

 A new program is available to entrepreneurs of color trying to develop real estate in Cleveland. Cleveland Development Advisors (CDA) and Capital Impact Partners have created the Cleveland Equitable Development Initiative to provide them with training, technical assistance, mentorship, networking and pathways to financing.

Recognizing there is not enough diversity in the real estate industry, the initiative is designed to correct that inequity in Greater Cleveland by eliminating barriers to success and providing them with the tools they need to scale up, particularly as they develop projects in the very communities they are from.

The Cleveland EDI program is a part of a broader initiative, the Equitable Development Ecosystem Collaborative (EDEC) to support the success of minority developers with other community partners, including Cuyahoga County, the City of Cleveland, the Land Bank, LISC, Enterprise Community Partners, and Cleveland Neighborhood Progress.

 Empowering Developers of Color to Lead Revitalization Efforts

In an effort to better ensure that real estate developers truly reflect our city’s diversity and that real estate developers of color are able to participate in the growth and revitalization efforts, we are launching the Cleveland Equitable Development Initiative (EDI). Charting a path toward inclusive economic opportunity, The Cleveland EDI program combines local knowledge, experience, partnerships, and collaborations. The Cleveland EDI will also focus on –  project design, feasibility, and project financing – to support developers of color to grow their careers and support communities.

Training & Knowledge Enhancement

Program participants engage in formal real estate development training, workshops with local development experts and city leaders, having transparent discussions around challenges and opportunities for developers of color to succeed in Cleveland and beyond. 

Mentorship, Networking, Relationships

Emerging Developers will be matched one-on-one with a developer mentor support from both a and a finance mentor. These local experts provide project-specific guidance to further participants’ real estate development efforts. 

Financing Opportunities

Cleveland Development Advisors and Village Capital Corporation will work with program participants to connect them to project financing opportunities, leveraging the knowledge and relationships they’ve gained to strengthen their financing applications

Apply For the Cleveland Equitable Development Initiative

The Application Window for the 2023 – 2024 CLE EDI Cohort Has Now Closed.

Eligibility

Successful candidates for the program will be selected based on the following criteria: 

• Identify as Black, Indigenous, and/or Person of Color (BIPOC) and/or a racial or ethnic minority. 

• Demonstrate experience as a small-scale developer (either for-profit or nonprofit organizations) who is seeking to further their experience developing affordable housing and/or growing their portfolio. As this is not an introductory program, candidates are expected to have some direct real estate development experience. 

• Live in or have connection to Cleveland, OH  

• Demonstrate a commitment to community development and neighborhood reinvestment in Cleveland through work on tangible real estate development project(s). 

• Commit to attend mostly in-person training on Wednesday afternoons (between 3:00 – 6:00 p.m. EST) during the months of October 2023 – May 2024 for up to 4 hours per week.  

• Commit to additional hours (4 – 6) weekly for assignments, advisor meetings, etc. 

• Demonstrate interest in responding to Requests for Proposals (RFPs) for real estate development opportunities, with or without a development partner, within four – six months of completion of the program.

For Any Question Please Contact:

William A. Willis,

Senior Director Development Services, 

wwillis@greatercle.com