Supporting Affordable Housing Developers of Color

Supporting programs that address systemic inequalities in different industries and build the capacity of minority owners and workers is part of Capital One’s investment in driving racial equity and equality. In an effort to support developers of color in the real estate development industry, Capital One committed to provide $1 million in grant funding to Local Initiatives Support Corporation (LISC) and $500,000 to the Low Income Investment Fund (LIIF).

Developers of color are often underrepresented in the real estate development industry and may face challenges accessing capital and acquiring land. They may have less access to skill training in affordable housing development or a network of peers to offer support and share resources. These barriers often hinder their ability to pursue multiple development opportunities and grow their businesses.

Capital One’s support to LISC helps developers of color gain opportunities for growth and develop their ability to successfully take on more development opportunities, both in volume and size. Developers of color in New York City, the San Francisco Bay Area and Los Angeles will have access to training, capacity building support and credit enhancements that will increase the financial strength of participating developers as well as increase the supply of affordable housing in these critical markets where housing is already at high premiums.

Funding to LIIF will support the launch of the Black Developers Capital Initiative, a program designed to help Black-led affordable housing developers grow and expand their business and improve access to liquidity.  The initiative includes pass-through funding to qualified developers to support portfolio management, planning needs and additional staff.