LISC Twin Cities Announces the 2022 Developers of Color Cohort
[Originally Published by LISC Twin Cities: View Source]
SAINT PAUL, MN: LISC Twin Cities is proud to announce its 2022 Developers of Color Initiative Cohort, an initiative that is in its second year. The new 14-member cohort includes a majority of women, and represents a mix of Black, Latino, Asian and Pacific Islander, and African immigrant developers focused on projects in key recovery areas such as Lake Street, George Floyd Square, North Minneapolis, and a key suburban site in Brooklyn Center.
Congratulations to the LISC Twin Cities Developers of Color 2022 Cohort:
(Organized alphabetically by last name)
Oduwa Aganmwonyi, Global Equity Holdings
Liam Cavin, ADL Urban Developers, LLC
Belkis Cruz, LBR Partners, LLC
Abe (Ibrahim) Demmaj, Grass Roots, LLC
Kamillah El-Amin, Hurriya Village Developments
Ephraim Eusebio, Modus Locus, LLC
Jennifer Kuria, Amani Construction & Development/Jenny Investments
Jimmy Loyd, Loyd Real Estate Partners
Wilson Molina, Molina Realtors
R. Lynn Pingol, MaKee Company
Nawal Noor, Noor Companies
Olivia Maria Rodriquez Arrellin, Monarcas LVC, LLC
Nesret Theba, A.T.J.W., LLC
Victoria Yepez, VY Management
“The program continues to extend into the rich tapestry of our cultural community, reaching into key areas in need of investment including the suburbs, and tapping a new wave of women developers” noted Peter McLaughlin, Executive Director of LISC Twin Cities, “We are thrilled to embark on this next phase of opportunities and community vision.”
Of the projects supported by the 2021 Developers of Color cohort, within the first year 25% of the projects closed, 50% made significant forward progress, and 25% needed to reposition to another project. LISC took stock of improvements that will strengthen the likelihood for success with the new projects coming online and remain committed to the ones that are still underway. It’s been amazing to see the cohort members working collaboratively, serving as resources for one another and tackling new opportunities together.
"I'm very excited to see LISC Twin Cities lead and continue its mission of supporting emerging developers through its 2022 Developers of Color Initiative Cohort. I'm encouraged to know that our vertical is changing and that diversity, not only in the physical sense, but diversity of thought and experiences, will help shape and challenge what our communities will look like in the urban core and suburbs in the future” shared Johnny Opara, President and CEO of JO Companies and one of the members of the inaugural cohort of Developers of Color last year. Opara closed on new construction financing for The Hollows in 2021, an $18.4M 62-unit workforce housing development project at 520 Payne Avenue on the greater eastside of St. Paul.
LISC TC is committed to leading change by supporting emerging developers of color who are working to build assets and ownership in historically low-income neighborhoods and communities of color, aligning economic opportunity with place-based investments, and recognizing identity and culture as key components of thriving social capital. The DOC Capacity Building Initiative goes well beyond training to providing critical implementation capacity support to help developers of color get their projects over the finish line.
“The program offers significant financial and technical resources to emerging developers of color, including funding for predevelopment and project management support, and access to equity and permanent financing to help fill financial gaps” says Koa Mirai, LISC Twin Cities Senior Program Officer in Lending, who will be leading the Developers of Color program. “The goal of the initiative is to better support, position, and increase the number of developers of color who move beyond predevelopment to project completion. It will demonstrate and measure the outcomes of focused attention and resources dedicated to building capacity, strengthening ability for financing, and increasing readiness to attract equity.”
The DOC program includes both housing and commercial developers, all working in neighborhoods and commercial corridors which have experienced historic disinvestment.
“The times require transformative change. Transformative change requires new means of access to capital, technical expertise, and essential personal and professional networks. That is what LISC’s Developers of Color Initiative is all about,” said McLaughlin. “We recognize the urgency to support the creation of a new generation of successful BIPOC developers in the Twin Cities who will have a lasting impact on the development ecosystem and the community as a whole.”
In addition to the support from LISC Twin Cities, this initiative is made possible by the generous funding from the McKnight Foundation, the Jay & Rose Phillips Family Foundation of MN, MN Housing, Sand Companies, Dominium, Mahoney Development Services, Associated Bank, Ackerberg Group, Weis Builders, Midwest One Bank, National Equity Fund, 1335 Foundation, Sherman Associates, Sunrise Banks, and Alatus.
“LISC Twin Cities has continually led by example within the community and supported aspiring developers, including me. I'm confident that they will continue to do the same with this new cohort, and there will be much success from this class," asserted Opara.