In an effort to address racial disparities in real estate development and expand Milwaukee’s supply of affordable housing, three local nonprofits are teaming up to launch a $650,000 initiative supporting emerging and underrepresented developers.
The three-year program — led by the Community Development Alliance (CDA), the 30th Street Industrial Corridor Corp. (The Corridor), and the Northwest Side Community Development Corp. (NWSCDC) — will officially launch on Oct. 1. Funding for the program comes from a Wealth Opportunities Realized Through Homeownership (WORTH) grant from Wells Fargo.
The initiative offers two key financial tools: the Launchpad Fund and the Accelerator Fund.
The Launchpad Fund provides up to $15,000 in grants to help cover pre-development costs such as architectural plans, permitting, and acquisition. Aimed at developers with limited experience, the fund is expected to support 10 to 15 participants over three years, with a focus on projects ranging from single-family homes to quadplexes.
The Accelerator Fund is designed for more experienced developers who have completed at least three projects in the past three years. It offers up to $50,000 in zero-interest loans to help secure additional financing and support more complex or larger-scale developments. Organizers hope to support four to eight developers who are committed to increasing the city’s housing stock, promoting homeownership, and investing in underserved neighborhoods.
Participants will also receive mentorship and gain access to a professional network through The Corridor. The program will be administered by NWSCDC.
Organizers say the initiative is designed to remove structural barriers and help cultivate local talent in the development field while increasing the availability of quality affordable housing and for-sale options for Milwaukee residents.
“It’s about breaking through structural barriers, unlocking the homegrown talent that already exists in our communities,” said Cordella Jones, resident collaboration director for CDA. “By investing in local talent, we create real opportunities for developers of color to lead Milwaukee’s housing future while creating a stronger, more inclusive housing ecosystem that serves everyone.”
“With more than 3,200 vacant lots across the city and a huge unmet demand for affordable housing, the Launchpad and Accelerator funds are timely, strategic tools,” said Willie Smith, executive director of NWSCDC. “They’re a way to expand housing options and increase homeownership among African American and Latino communities in Milwaukee.”
The initiative was developed in response to findings from the Emerging Developer Roundtable, a collective of emerging developers and stakeholders that identified limited access to early-stage capital as the biggest barrier to entry and growth in the real estate sector.
“If the loan fund was around when I started years ago, I can only imagine that my journey would have been more seamless,” said Amelia Mitcham, a developer with projects in the Merrill Park area. “The loan fund represents not only access to pre-development capital, but also hope. Starting out, I had to overcome many hurdles, including the need for substantial funds just to get my projects deemed feasible. I had to get creative.”
Organizers hope to extend the program beyond its initial three years, but that will depend on securing additional funding and bringing new partners on board.
