Wells Fargo Foundation Presents NAREB’s Black Developer Academy With $500,000 Grant
The National Association of Real Estate Brokers (NAREB) received a substantial contribution from the Wells Fargo Foundation to bolster NAREB’s groundbreaking initiative, the Black Developer Academy.
A $500,000 grant was presented to NAREB during the Congressional Black Caucus’ 52nd Annual Legislative Conference, according to a press release provided to BLACK ENTERPRISE. The donation will support the Black Developer Academy in facilitating opportunities to boost diversity and inclusion within the real estate development industry.
“This donation represents a true philanthropic investment in the NAREB Black Developers Academy. I am confident it will yield a tremendous return on investment for the community,” said Otis Rolley, head of social impact for Wells Fargo, who presented the grant.
In the press release, NAREB President Courtney Johnson-Rose responded with an expression of her deepest gratitude on behalf of the company.
“This grant marks a significant stride towards addressing the critical need for diversity and representation within the real estate development industry,” she said.
The Black Developer Academy was designed to do just that.
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What is the NAREB Black Developer Academy?
The Black Developer Academy aims to empower Black and underrepresented communities on a path to generational wealth by leveraging real estate opportunities in order to drive economic equity, elevate homeownership rates, and revitalize underserved communities.
The Academy equips aspiring Black professionals with the essential skills and knowledge to become developers. Participants are provided with:
- Collaborative learning through cohort-based training
- Comprehensive support and expertise in the legal, financial, and strategic facets of real estate development
- Mentorship development
- Networking and industry connections
- Financing options for potential real estate development projects
“The Black Developer Academy will deliver a rigorous curriculum, strategic partnerships, and a community-centric approach to establish a sustainable pipeline of Black real estate developers poised to leave a lasting impact on the industry,” Johnson-Rose said.
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To achieve this initiative, NAREB tapped Developers Academy Ambassadors to play a “critical” role. These skilled developers are charged with promoting the program and helping guide participants through the journey. The ambassadors include R. Donahue Peebles III of the Peebles Corporation; Malik Yoba, founder of Yoba Development; and George E. Johnson, Jr. of George Johnson Development, Inc.
Participants will gain access to tools and knowledge to help consumers navigate the home-buying process, from financial options and securing down payment assistance to and overcoming credit barriers. Participants will also be encouraged to develop real estate projects that prioritize economic equity, job creation, and community wealth-building opportunities.