Helping Real Estate Diverse Developers Create Affordable Housing
Wells Fargo's Growing Diverse Housing Developers program aims to increase equity by providing diverse real estate developers with training, networks, grant capital, and resources to expand affordable housing production. This initiative supports developers of color, both nonprofit and for-profit, in creating greater access to affordable housing nationwide. The program is funded by the Wells Fargo Foundation and implemented through a $30 million grant.
Supporting diverse real estate developers to expand affordable housing production
Providing training, mentorship, and grant funds to increase the supply of affordable homes
Fostering growth and financial independence for developers led by people of color
Addressing challenges such as access to capital faced by diverse developers in the housing industry
Underrepresentation of affordable housing development firms led by people of color in the industry
Challenges in accessing capital for diverse real estate developers
NORTHAMPTON, MA / ACCESSWIRE / May 6, 2024 / Wells Fargo:
Growing Diverse Housing Developers program is increasing equity through access to capital and the supply of affordable homes.
A diversity of real estate developers is essential for strengthening the housing development ecosystem as a whole and expanding the supply of homes that are affordable. The Growing Diverse Housing Developers (GDHD) program - funded by the Wells Fargo Foundation - provides diverse real estate developers with training, networks, grant capital, and resources needed to grow the capacity of their development firms and expand their affordable housing production.
In this video, hear from GDHD participants and stakeholders as they discuss the challenges that diverse developers face including access to capital, and talk about the importance of the Growing Diverse Housing Developers Program in providing diverse developers with the capital, networks, and resources needed to be full-fledged housing developers. Affordable housing development firms led by people of color - both nonprofit and for-profit - are highly underrepresented in the housing industry, yet are a critical resource for strengthening the housing development ecosystem as a whole and expanding the supply of homes that are affordable. To increase the supply of homes that are affordable and to support the sustained growth and financial independence of experienced development firms that are led by people of color, the Growing Diverse Housing Developers (GDHD) program was created. GDHD supports real estate diverse developers in geographies nationwide with training, mentorship, and grant funds to help them expand their business and create greater access to affordable housing in their communities. It is implemented by Capital Impact Partners, Low Income Investment Fund (LIIF), and Reinvestment Fund through a
Watch the video: https://ow.ly/mMEm50Rmyqr
Growing Diverse Housing Developers program is increasing equity through access to capital and the supply of affordable homes.
View additional multimedia and more ESG storytelling from Wells Fargo on 3blmedia.com.
Contact Info:
Spokesperson: Wells Fargo
Website: https://www.3blmedia.com/profiles/wells-fargo
Email: info@3blmedia.com
SOURCE: Wells Fargo
View the original press release on accesswire.com
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