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New program wants to encourage Latino and Black real estate developers in AZ

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Posted at 10:50 AM, Jul 05, 2022
and last updated 2022-07-05 13:50:23-04

PHOENIX — Raza Development Fund announced a fellowship on Wednesday to support the growth of Latino and Black real estate developers and strengthen affordable housing development.

The J. Tommy Espinoza Growing Diverse Housing Developers Fellowship will support 12 fellows, including one from Phoenix, who are already building, preserving or will build multifamily rental housing and for-sale development projects across the country. The aim is to “increase opportunities for Black and Latino-led housing developers,” Raza Development Fund (RDF) said in its announcement.

The grant is backed by $10 million from Wells Fargo as part of the Growing Diverse Housing Developers grant initiative, a $40 million grant initiative divided between four community development financial institutions, or CDFIs.

The four-year program includes access to low-cost, flexible capital as well as quarterly training sessions and mentorship from RDF, a support corporation of UnidosUS. The fellows, who started on May 20, will complete an affordable housing project supported by the grant.

Read more of this story from the Business Journal.