The Jay and Rose Phillips Family Foundation has launched a new grant program focused on supporting Black real estate developers in North Minneapolis. This initiative aligns with the foundation's mission to address financial barriers and promote equitable representation within the real estate development field, specifically for historically marginalized communities. By focusing on pre-development costs, the program aims to alleviate some of the initial financial burdens that can hinder the success of developers who may have limited access to traditional funding.
The target beneficiaries of this grant are Black real estate developers who have site control over commercial or "missing middle" (5-unit minimum) residential real estate projects in North Minneapolis. The program is particularly interested in projects located in neighborhoods connected to West Broadway Avenue and other transit corridors, including Cleveland, Harrison, Hawthorne, Jordan, McKinley, Near North, Sumner-Glenwood, Victory, Willard-Hay, and Webber-Camden. The impact goal is to foster successful real estate development by Black developers, thereby contributing to the economic vitality and development of these specific North Minneapolis communities.
Priorities for the grant include first-time applicants, North Minneapolis residents, and projects that incorporate universal design or sustainability attributes. This strategic focus aims to not only support new talent and local developers but also to encourage projects that are inclusive and environmentally conscious. The foundation's theory of change suggests that by providing targeted financial support for pre-development costs, they can empower Black developers to overcome systemic barriers and successfully bring their projects to fruition.
Expected outcomes include an increase in the number of successful real estate developments led by Black developers in North Minneapolis. Measurable results could include the number of grants awarded, the value of pre-development costs covered, and ultimately, the number of projects that move beyond the pre-development phase. The foundation plans to award up to $15,000 per grant application, covering eligible expenses such as inspection fees, architecture, accounting and legal fees, engineering, project management, permits, and various reports, all contributing to the readiness and viability of these projects.
