American Black Journal and BridgeDetroit host
town hall on Black real estate development
The real estate development industry is dealing with a representation crisis. According to a new study from the Initiative for a Competitive Inner City (ICIC) and Grove Impact, minority developers — Black and Hispanic — make up less than 1% of the entire real estate industry. African Americans make up 0.4% of the industry, while Hispanic developers represent only 0.16% of the industry.
These findings point to the constraints many minority developers face trying to enter the industry. In the majority-African American populated city of Detroit, where does the state of Black real estate development stand?
To find out, “American Black Journal” host Stephen Henderson leads a virtual town hall on Black real estate development in Detroit, where he examines the challenges residents and developers face at every stage of the process — from the onset through completion.
RELATED: Ebiara Fund Breaks Down Barriers for Minority Real Estate Developers in Detroit
The town hall is broken up into three panels:
- Black Women Developers
- Neighborhood Black Developerment
- Financing & Other Assistance for Developers
Through a series of three panels, town hall panelists examine the barriers for Black real estate developers entering the industry, the lack of access to capital, the gender-based barriers of being a woman in a male-dominated industry, the fluctuating supply chain around material costs and availability, the impact of inflation, and the shortage of workers that’s been revealed and exacerbated by the pandemic.
Plus, panelists discuss some of the solutions that are helping to build up and support Black development in the city, and the benefits that could come from greater diversity in real estate development. By fixing the representation crisis, closing the revenue gap and leveling revenue cliffs for Black and Hispanic developers, The ICIC study estimates that would create more than $106 billion in new revenue each year for the industry as well as create 1.7 million new jobs.
Black Women Developers Panel:
Sonya Mays, President & CEO, Develop Detroit
Neighborhood Black Development Panel:
Jason Headen, Vice President of Detroit Market, CHN Housing Partners
Richard Hosey, Owner, Hosey Development
Roderick Hardamon, CEO, URGE Development Group & Urge Imprint
Financing & Other Assistance for Developers Panel:
Kenyetta Hairston-Bridges, Executive Vice President of Economic Development & Investment Services, Detroit Economic Growth Corporation (DEGC)
Jeff Mosley, National Equity Development Initiative Program Lead, Capital Impact Partners
Keona Cowan, Executive Vice President of Lending, Invest Detroit
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Watch American Black Journal on Tuesday at 7:30 p.m. and Sunday at 9:30 a.m. on Detroit Public TV, WTVS-Channel 56.
What are some of the training/information/technical needs that are still looming?