LISC NY Developers of Color Training Program
The goal of the LISC NY Developers of Color Training Program is to help Minority-owned Business Enterprise (MBE) developers expand their capacity and project access, while becoming more competitive as the state's affordable housing project pipeline grows and more market opportunities arise. The program will help developers of color enhance their networks, gain access to capital and build their capacity to expand their existing portfolio of business and contracts. This will support more inclusive and equitable wealth generation. Through a cohort-based curriculum, firms will be provided technical assistance, coaching, and access to resources that will equip to reduce barriers of market entry and expansion.
The program is targeted to owners of MBE developer firms. Accepted firms may send an additional senior level manager to the training, however full participation of the firm’s owner is required.
The program is a component of LISC NY’s initiative to build out an ecosystem of minority-led development firms, community development corporations, Community Development Financial Institutions, government agencies, real estate trade associations, and other stakeholders that supports knowledge exchange and networking to facilitate business opportunity development.
Partners
- R.F. Wilkins Consultants
- Red to Green Consulting
Funders
- Capital One
- Deutsche Bank
- Goldman Sachs
- JPMorgan Chase
- Mizuho Americas
- The PNC Foundation
- State Farm
- Sterling National Bank Charitable Foundation
- Trinity Church Wall Street Philanthropies
- Wells Fargo
- Valley National Bank
Stories
- Firms located in the greater New York City region (in one of the 5 boroughs of NYC; Long Island; Westchester County or Northern NJ) and who do a majority of their business in NYC;
- At least 51% of the firm is owned by a person of color (Black/African American; Hispanic/LatinX; Native American/Alaskan Native; or Asian/Pacific Islander);
- Firm certification as a Minority Business Enterprise (MBE) by New York City or New York State is preferred but not required;
Participating owner or senior partner must have at least one of the following experiences:
- Three (3) years of experience as a real estate developer;
- Five (5) years of experience as a contractor (housing or commercial) real estate development with plans to become a MWBE real estate developer;
- Experience developing or constructing housing/commercial spaces (projects greater than 50 units of housing or 15,000 square feet commercial space is preferred).
Participating owner or senior partner must meet the following eligibility requirements:
- Fewer than 50 employees;
- At least one active real estate project in your pipeline within the past three years; for example, an affordable housing project for which the firm was selected as developer by a government agency such as NYC Department of Housing Preservation and Development (HPD), NYC Economic Development Corporation (EDC) or NYS Homes and Community Renewal (HCR).
Program Elements
- Virtual instruction modules with in-person sessions in-between
- Coaching by experienced real estate developers
- Real time assistance with deals in the project pipeline
- Real time support developing agency and industry relationships
- Access to equity capital through participation in an investor pitch competition at program conclusion
Timeline
- October 20th, 2023 | Applications Go Live!
- October 27th, 2023 | Watch a Re-cap of the Virtual Informational Session Here
- November 3rd, 2023 | Applications Due!
- November 10th, 2023 | Participants Selected
- November 16th, 2023 | In-Person Cohort Launch
On October 27, 2023, LISC NY held an informational session on Cohort 5 of LISC NY’s Developers of Color Training Program and how to apply. Please watch the video of this session here.
Applications from interested developer of color firms are due Friday, November 3, 2023. For more information on participating in the LISC NY Developers of Color Training Program, send questions, comments, and concerns to nycdevelopersofcolor@lisc.org.
