Black Developer Capital Initiative
Supporting the growth of Black-led affordable housing developers.
BREAKING DOWN SYSTEMIC BARRIERS THROUGH AN INNOVATIVE EQUITY-IN-LENDING INITIATIVE
The Black Developer Capital Initiative (BDCI) is already showcasing impact.
The Black Developer Capital Initiative (BDCI) was launched by LIIF to support the growth of Black-led affordable housing developers. Despite strong track records, many Black developers have been systemically denied access to capital that would enable them to build more homes and grow their businesses. Together, we’re changing that.
Impact
$20 million
deployed in first round of funding
$20 million
to be deployed in second round of funding
As a Black developer, one of the obstacles I face consistently and continuously is securing financing for my projects.”
Owner and Principal Dr. Gina Merritt, Northern Real Estate Urban Ventures, Washington, D.C. (photo above)
Part of JV partner National Affordable Housing Trust (NAHT) Black Developer Initiative (BDI)
Click here to read I95 Business article on Dr. Gina Merritt.
Composition of BDCI loans
The BDCI comprises two products: the Line of Credit offered through LIIF, which provides early-stage project financing at a favorable interest rate; and the Low-Income Housing Tax Credit (LIHTC) Equity Fund offered by our affiliate National Affordable Housing Trust (NAHT), which addresses variability in pricing and terms for LIHTC deals due to perceived risks of smaller or less-resourced developers.
Funders:
- Arnold Ventures
- Bank of America
- Capital One
- Goldman Sachs
- MacKenzie Scott
- Wells Fargo