Madison Development Corporation (MDC) and Forward Community Investments have joined forces to create a new program called Developing Equity in Emerging Developers — DEED — to provide training, resources and connections for aspiring real estate developers in Madison who come from traditionally marginalized backgrounds.
Funded by a grant from the Federal Home Loan Bank of Chicago, the program offers three days of training from the Wisconsin Housing and Economic Development Authority April 19-21 and two more days of training from accounting firm Baker Tilly in October. One of the primary goals, officials said, is to help aspiring developers prepare to seek financing for real estate projects. Additionally, MDC officials said participants will have valuable opportunities to expand their networks.
“We will co-host networking events with the LISC’s ACRE program, developers, architects, financial institutions & educational institutions and we will encourage DEED participants to apply for funding from our housing funds (FCI’s Emerging Developers Fund and MDC’s Dane Workforce Housing Fund) as well as connect with LISC’s ACRE Program,” the program’s online application says.
The program was just announced this week, but applications are due Monday, March 20. DEED Program Coordinator Javier Neira said MDC would have preferred a longer application period, but a quirk in grant funding requirements necessitated a shortened timeline. Not to worry if you can’t get the application done in time — this won’t be your only chance.
“We’re definitely fighting to make sure that this is something that it’s an annual thing that we can do, hopefully, for many years, until we can create developers that look like the population,” Neira said. “Once this runs, we’re going to get a lot of feedback from our participants, and we’re going to do everything that it’s needed to make sure that in the future when we do it again, it’s going to be even better.”
Neira said organizers are looking for people with some real estate experience, as well as something less measurable.
“We just want to make sure that they know why they’re doing this, that they may have a passion for this,” he said.
The first cohort of emerging developers will be limited to 15 individuals.
The application requires a resume, a short essay and two references. Click here for more information and to apply.