Emerging Developer Growth Initiative

By infusing capital and lowering barriers, LISC can position more emerging developers to build their balance sheets, compete in the affordable housing sphere and create more affordable housing in Black neighborhoods.

LISC Indianapolis launched the Emerging Develop Growth Initiative, a collaboration to expand opportunity for emerging developers, for profit and nonprofit, through creation of new affordable housing using missing middle housing concepts, design/zoning supports and financing, including equity.

Strategies for the Emerging Developer Growth Initiative

Create a cohort of small and medium sized emerging developers, for profit & non-profit
Design support for emerging developers in collaboration with Ball State College of Architecture
Collaborate with the City of Indianapolis for coordinated gap financing for emerging developers
Provide LISC equity, predevelopment, acquisition, and construction financing commitments

Emerging Developer Growth Initiative Partners

LISC Indianapolis will support this initial group of developers to advance affordable housing projects using missing middle housing design concepts developed on Indianapolis' private and publicly held vacant lot inventory. Each of these developers has entered into an agreement with LISC describing our mutual commitments to each other.

Aspire House

Sharon Clark, Executive Director

Focuses on community redevelopment and social justice; education, experiential programming, and workforce development for youth; and real estate development and sports and entertainment production. Every project or program offering is designed to help the Near Northwest area of Indianapolis to experience uplift.

BWI

Gary Hobbs, President and CEO

BWI is a Black-owned real estate developer, general contractor, property management, and consulting firm that focuses on not only construction management of general, large development projects, but also niche, energy-efficient urban revitalization projects. BWI has extensive capabilities helping clients design, develop and manage their projects with a special emphasis in electrical and eco-friendly, sustainable development.

Circle City Property Management & Development

Eric Armstrong, Principal

Circle City Property Management and Development is a Black-owned developer that seeks to create high-quality opportunities for Indianapolis residents to call home. Their talented and professional staff authentically care about and demonstrate partnership with every resident. Investing in the community is their top priority, and their commitment to excellence permeates every function of their business.

Garrison Fraizer

Stephen Scott, Managing Partner

Garrison Frazier Developments is an experienced team of dedicated professionals investing in deserving neighborhoods to eliminate housing insecurities and improve opportunity pathways for all residents. They are committed to building and preserving housing that is affordable, attainable, environmentally sustainable, and a catalyst for community improvement.

Martindale Brightwood CDC

Aminah Peirson, Executive Director

MBCDC’s Rural Street Comprehensive Development Project is a part of the Martindale Brightwood Education Zone and Housing Village priority. To ensure the increase and preservation of affordable housing in the area, our plans include building new affordable housing units on vacant lots, expanding an existing community garden to include a learning pocket park, and providing significant repairs and upgrades to the current housing stock on the block.

MSR Development Group

Mark Rogers, President

MSR Development Group is a distinguished firm specializing in Business and Real Estate Consulting, Construction Management, and General Contracting. We excel in delivering multifamily and commercial development projects, alongside offering expert business advisory services tailored for the real estate and construction industries. Our team is known for its diverse expertise and innovative approach, providing effective solutions to complex challenges and ensuring the successful execution of projects from conception to completion.

Partners in Housing CDC

Jennifer Green, Executive Director

Partners in Housing believes that the solution to homelessness is housing. That everyone has a right to safe, decent and affordable housing. That housing creates opportunities and always comes first. That everyone has strengths and abilities they can use to improve their lives. That we have a responsibility to our residents and our community. That we can strengthen that community through partnerships.

Tamken Investments

Kenneth Ball, Co-Owner

Tamken is a residential and commercial real-estate company that provides residential and commercial remodel, rehabilitation, and development services through partnerships. Affordable housing has a huge impact in our communities. No one individual, or organization can cure the problem, but if everyone pitches in, we can create effective changes. Whether our contributions are large or small, it's at the very least a contribution.

WDI Development

Daryl Dotson, CEO & President

WDI's approach is to develop and support sustainable communities throughout the Mid-West through affordable housing and supportive spaces. WDi create and develop properties uniquely suited to fit the needs of the community, the city, and the site itself. Our approach uses sustainable technology that is eco-friendly.

Inequitable Development

According to a 2019 report from Urban Land Institute only 5% of its U.S. members are Black. That lack of diversity translates into less affordable housing in Black communities, low rates of homeownership and a scarcity of retail and other amenities within those communities. In contrast, Black residents make up nearly half of those living in federally subsidized affordable homes. This imbalance of capital between white-and Black-led developers translates to an imbalance in opportunity for Black developers to advance projects and grow. Black developers struggle to access capital to create scalable real estate development firms. This means Indy's Black developers do not have the support they need to substantially to respond to the market opportunity represented by the huge vacant lot inventory in our neighborhoods. Black developers need capital to build a transaction pipeline, enlarge their balance sheet and grow their firms.

Contact

Kelsi Coe, Senior Program Officer, Place-Based Community Development

Funder

Urban League

Funder