A historic $2 million dollar grant from McAuley Ministries will support our new Neighborhood Capital Fund.
With unprecedented support from McAuley Ministries–this program will support 10 transformative real estate projects in the Greater Hill District through a combination of technical assistance and patient, flexible capital that encourages prudent risk-taking and promotes equitable outcomes for businesses and residents.
Building off of and leveraging our existing real estate and neighborhood revitalization programming and services, Neighborhood Allies created the Neighborhood Capital Program to complete the continuum of real estate investment capital for local Black developers and Black communities by addressing the root cause of underinvestment – lack of equity. With this added layer of support and resources, capital investments will be paired with intensive technical assistance and provide substitutes for owner’s equity at each stage of the development process where lack of equity can become a bottleneck or result in missed opportunities.
Neighborhood Allies has already begun to do this important work through our Centralized Real Estate Accelerator, which provides strategic guidance, feasibility assessment, budgeting and proforma development, fundraising consultation, and support around identifying and assembling a development team. Since the beginning of 2021, we have provided 1,540 hours of support to 45 community development projects. 84 percent of projects are led by Black developers, Black business owners, or nonprofits with Black leadership. 16 projects, or more than one-third, are located in the Hill District.
“This historic investment represents an intentional shift in how resources are directed to and absorbed by Black communities–making existing sources such as banks, CDFIs, government and philanthropy more accessible for Black and Brown developers and lower-wealth communities. The partnership and investment from McAuley Ministries is furthering our capacity to advance racial equity in community-based real estate, and deliver enhanced value to community partners and businesses.”
-Presley Gillespie, Neighborhood Allies President & CEO
