LISC Hampton Roads
EMERGE Program
Empowering Future Real Estate Developers
The housing market faces a critical challenge: a shortage of homes to meet the growing demand. The Hampton Roads Planning District Commission highlighted this issue in November 2023, noting that the supply of affordable housing—defined as housing affordable to individuals and families earning up to 80 percent of the area’s median income—is especially constrained.
Adding to this challenge, minority and women-owned real estate development companies are significantly underrepresented. Only about one percent of real estate development companies in the United States are minority-owned1, and just three percent are women-owned2. This disparity limits the growth and development of many communities, leading to unrealized employment opportunities and wealth development.
1“Capitalizing on opportunities for underrepresented developers in commercial real estate.” https://www.bakertilly.com/insights/capitalizing-on-opportunities-for-underrepresented-developers. June 26, 2023.
2“Where are the female founders in private real estate?” https://www.perenews.com/where-are-the-female-founders-in-private-real-estate/. July 3, 2023.
Introducing EMERGE
To address these issues, LISC Hampton Roads has launched the Emerging Mission-Engaged Real-Estate-Developer Growth Exchange (EMERGE). This innovative program aims to increase the supply of affordable homes and create opportunities for local emerging developers, particularly those from underserved communities.
Program Goals
The EMERGE program is designed to:
- Increase Affordable Housing Supply: Emphasizing the production of affordable housing.
- Prepare Emerging Developers: Equip them with the skills to access predevelopment funds and conventional financing sources.
- Build a Supportive Network: Foster a community of project management professionals and mentors.
- Develop Future Leaders: Prepare the next generation of community-minded affordable housing developers in the region.
Scope of Work
EMERGE offers a comprehensive, cohort-based curriculum that combines interactive learning with practical support:
- Training: Participants will undergo 40 hours of training over 16-18 weeks, including both in-person and virtual sessions.
- Coaching: One-on-one coaching with experienced real estate developers.
- Networking: Opportunities for in-person networking events.
- Technical Assistance: Real-time support with active deals.
- Capstone Project: Participants will work on a real development project within the community.
Join the Movement
The inaugural EMERGE cohort will be based in Portsmouth and will support 15-20 participants. This program is open to emerging developers in the Hampton Roads region who are eager to make a difference in their communities.
Support EMERGE
Your support can help us transform the real estate landscape in Hampton Roads. If you are interested in donating or sponsoring the EMERGE program, please contact Kelley Hohorst, Development Officer at khohorst@lisc.org. Together, we can create more affordable housing and empower a new generation of real estate developers.
Request for Proposal (RFP)
For EMERGE Facilitator Role
LISC Hampton Roads will contract with an experienced service providor who will facilitate the EMERGE program. Questions on the EMERGE Facilitator Request for Proposal (RFP) may be directed to Harry Gaggos. Interested prospective facilitators, please submit your RFP electronically in a single PDF file by October 11, 2024, to Harry Gaggos, Director, Field Excellence - National Programs at hgaggos@lisc.org.
About LISC
LISC's mission is to forge resilient and inclusive communities of opportunity across America - great places to live, work, visit, do business and raise families. We do this by working closely with residents and partners to drive investment, programs and policy changes that catalyze housing, economic, health, safety and educational mobility for individuals and communities. Affordable housing is the cornerstone of LISC’s mission. We have decades of experience working with affordable housing developers and invest in a range of housing, including development of new multi-family rental units and single-family homes, preservation of existing units, and innovation in sustainable construction and rehabilitation.
LISC has a demonstrated track record of working successfully with nonprofits and municipalities to provide training and implement technical assistance programs related to developing and preserving affordable housing. We have extensive capacity in real estate project financing, structuring and credit analysis.
About LISC Hamtpon Roads
In 2020, we celebrated the opening of LISC Hampton Roads, our 34th office of 38 total local offices in the national network of LISC, the Local Initiative Support Corporation. As a community development financial institution (CDFI), LISC is dedicated to creating resilient and inclusive communities of opportunity across America - places where people can live, work, visit, do business, and raise families. Despite the challenges posed by the pandemic, LISC Hampton Roads was able to open its doors and begin serving the community during one of the most difficult times in recent history.
In partnership with our founding partner, Sentara Healthcare, LISC Hampton Roads is focused on improving the social determinants of health in our communities - those factors that shape an individual's health beyond the clinical setting. According to the Centers for Disease Control, approximately 80 percent of an individual's health outcomes are determined by factors such as housing, education, employment, safety, environmental conditions, and behaviors. In communities where these conditions are poor, residents often face higher rates of illness and shorter life expectancies.
At LISC Hampton Roads, we are committed to breaking this cycle of disparity and investing in people and places that have historically been undervalued and underserved. We support educational opportunities that give workers the skills they need to secure high-demand, well-paying jobs with benefits. We invest in affordable housing that is located in neighborhoods with access to employment, transportation, quality education, and community amenities. We back small businesses that hire locally and strengthen communities. And we work to create safe, healthy environments where people can call home.
Privacy
Information provided through the application process is the responsibility of each applicant. Applications submitted to the portal remain confidential to the general public and any fellow applicants. Applicants will not hold LISC, its affiliates, members, partners, and staff liable for any losses, damages, costs, or expenses, of any kind relating to the use or the adequacy, accuracy, or completeness of any information loaded in the form. See LISC's Privacy Policy for more details.