Capital Impact Partners is providing grants to support alumni of the Detroit Equitable Development Initiative (EDI) for professional services, related to their real estate development projects and businesses.   

EDI seeks to reduce wealth disparities for communities of color; contribute to neighborhood stabilization and revitalization; and increase knowledge and network-building for local real estate developers of color. This critical early-stage grant product is designed to reduce the risk for EDI alumni working to assess whether to move forward with a project, eventually resulting in properties that build wealth for their owners, and the addition of high-quality housing and mixed-use space in Detroit neighborhoods. Capital Impact Partner will award funding to businesses and nonprofit organizations led by Detroit EDI alumni for real estate development-related professional services for projects in Detroit, Highland Park, and Hamtramck.   

In Round 4, we plan to disburse up to $400,000. Individual awards will be determined by the size of the applicant pool, the size of the individual request, business and project eligibility, and application strength. 

Key Documents and Additional Resources

• Link to Grant Guidelines
• Read me - Grant Budget Table Instructions
• City of Detroit Preliminary Plan Reviews (PPR)
• EDI Professional Services Resource List
• City of Detroit Zoning Verification Letters

Key Dates

• Informational Session / Q&A - Friday, April 26, 2024 from 3:00 - 4:30 PM
• Applications open (31 days) - Wednesday, May 1, 2024 at 9:00 AM
• Applications close - Friday, May 31, 2024 at 11:59 PM
• Selection period - June 1, 2024 through June 10, 2024
• Notification of awards - On or before June 12, 2024 at 5 PM
• Grant agreement / disbursement - On or before July 31, 2024
• Reporting period - August 1, 2024 through February 1, 2025 (6 months)
• Mandatory reporting check-in - The first week of October 2024 (exact date and time TBD)
   

 Eligibility 

Applicant Eligibility

• Eligible applicants are businesses and nonprofit organizations led by individual EDI alumni, or partnerships including at least one EDI alumnus, from the EDI Detroit Program.
• The individual completing the application must be the managing member or general partner of the awarded entity, with a minimum of 51% ownership in the entity, or non-profit equivalent.

Project Eligibility

• Eligible projects are mixed-use, multifamily, bundled single-family homes totaling at least five (5) units, and commercial real estate developments in the City of Detroit, Highland Park, and Hamtramck.
• Bundled single-family home projects will be considered so long that they are in proximity to one another and the cumulative unit count is at or above 5 units.                          
• Beyond ≥ 5 or more housing units,  there is no required minimum or maximum project type, size, or commercial square footage to be considered for funding.

 Grant Uses (Expenses or Reimbursements)   

• Eligible Grant Uses (activities) are listed in the guidelines. Applicants may apply for funding in two ways:                          
• Expenses are services quoted but not yet completed.
• Reimbursement for eligible services completed and paid between August 1, 2023, and the date of Round 4 application close, May 31, 2024.  

Contact Information  Please reach out to Michelle Matthews (mmatthews@capitalimpact.org), with questions about the program and application process. Support@submittable.com can help with application software issues. 

Please complete the following application by June 18th, 2024 (12:00pm EST) to be considered for a one (1) year grant of up to $50,000 from Capital Impact Partners and National Cooperative Bank. This grant initiative will fund organizations that are utilizing the cooperative model to develop innovative programs or strategies in communities of color and/or communities that experience systemic disinvestment.  We want to amplify innovative models that can be replicated locally, regionally or nationally. The award is intended to support early-stage projects and provide catalytic capital that will attract other funders. It is important that projects are led or informed by the community and culturally relevant. Funding is awarded for specific projects in communities of color and/or historically marginalized communities and not for general operating funds for the organization.
The uses of funding include, but are not limited to:
 

• Financial projections
• Project scope and design
• Feasibility analysis
• Operational and staff costs
• Training development
• Leadership and professional development
• Conferences and meeting
• Tools and technologies
• Outreach and marketing
• Contractors or consultants

The top applicants will be asked to provide additional documentation to the review committee within 21 days of notification including:
 

• W-9 dated within the last 12 months
• Articles of Incorporation, Articles of Organization, or similar formation documentation appropriate to entity type
• Bylaws, Operating Agreement, or similar governing documentation appropriate to entity type
• 501(c)(3) Determination Letter (if applicable)
• Most recent financial statement (audited if available) 
• List of current funders

For more information, you are invited to attend one of the following webinars:
 

Register in advance for this webinar:

June 6th 1:00pm-2:00pm EST

https://momentuscap-org.zoom.us/webinar/register/WN_ni4S_dseSr6XZujkQM2AuQ

Register in advance for this webinar:

June 12th 2:00pm-3:00pm EST

https://momentuscap-org.zoom.us/webinar/register/WN_yj2ZaTL0RqSqMV97rxCY9A 

 Final determination of awardees and grant amounts will be made by August 31st, 2024. Inquires may be directed to apowers@capitalimpact.org.