A new program in Philadelphia is offering Black developers a fresh opportunity to build homes and broaden their businesses.
Black Americans represent less than 5% of residential real estate developers, largely because they can't get equal access to capital, according to a recent report by the Urban Land Institute.
"There is an imbalance, and what we're trying to do is correct that imbalance by taking away all the barriers, so there's no reason for anybody to say no," said Thomas Webster, Philly Rise program director."I grew up in a two-bedroom shack, 10 people showing up.
"It is extremely hard," Pitt said, noting that people like to do business with people with whom they share similarities. "But I just don't think there's enough minority leadership in those positions." In a series of classes for Philly Rise, industry professionals teach the students, who must already be professional developers, how better to access capital and how to work the system to win city projects.It's aimed at helping developers gaining bankability and credibility, Pitt said: "This goes to taking you from bootstrapping to certified financial documents, meaning that I am saying, 'It's OK, bank, I have my paperwork in place, I know my numbers.
"One of the biggest challenges that we face being a small development company in Philadelphia is it's incredibly difficult to get the funding we need in order to get the project done, as well as scale," said Evans. "It may be the culture, it may be the level of knowledge that we have regarding financing.
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