Affordable housing builder Enterprise Community Development is aiming to give more minority developers an ownership stake in neighborhood real estate projects through a joint venture program announced Tuesday.
The Baltimore-based nonprofit developer has launched Let’s Build Accelerator and will invest $5 million to give minority and faith-based developers equity in projects co-developed with Enterprise.
The round of funding is expected initially to support from five to seven projects in the MidAtlantic, possibly in the Baltimore area, that would get underway next year, said Brian McLaughlin, president of Enterprise Community Development.
The affiliate of Enterprise Community Partners wants to form partnerships with developers who are Black, Indigenous or people of color who have experience and vision for improving communities but lack the equity to move a project forward, McLaughlin said.
Click here to read the rest of the article written by Lorraine Mirabella over at The Baltimore Sun
