Baltimore Nonprofit Requity Empowers Residents with Real Estate Skills
A new Baltimore-based nonprofit, Requity, is changing lives. It trains Black and brown residents in real estate development. The program focuses on areas facing significant housing challenges. It aims to create generational wealth and revitalize communities.
Founders Davon Chandler and Jessica Smith started Requity. They saw a need for accessible real estate education. Their goal is to empower individuals to own and develop properties. This approach addresses both economic inequality and housing shortages.
About the Requity Program
Requity offers an intensive 16-week training course. This program covers essential real estate development skills. Participants learn about property acquisition, financing, and legal processes. They also study construction management and investment strategies.
The curriculum is designed for practical application. It helps students understand complex development projects. Furthermore, they gain valuable connections within the industry. This networking is crucial for future success.
Participants attend classes twice a week. They engage in hands-on learning. The training builds confidence and expertise. Graduates are prepared to embark on their own development ventures.
Impact on the Community
Requity’s efforts directly benefit Baltimore’s underserved neighborhoods. These communities often have vacant or underutilized properties. The program equips residents to transform these assets. This leads to new housing and local economic growth.
Graduates often form their own Limited Liability Companies (LLCs). They then acquire properties in their neighborhoods. This fosters local ownership and investment. It also keeps wealth circulating within the community.
The initiative addresses systemic barriers. Historically, Black and brown communities faced limited access to capital. Requity provides tools to overcome these challenges. It promotes equitable opportunities in real estate.
Funding and Future Outlook
Requity has secured significant support. Goldman Sachs provided early seed funding. Various local and national grants also contribute. These partnerships are vital for the program’s expansion.
The nonprofit plans to grow its reach. It aims to train more cohorts annually. Meanwhile, a key goal is establishing a development fund. This fund would offer direct financing to graduates. It would help them purchase and develop properties more easily.
Ultimately, Requity seeks to replicate its model. The success in Baltimore could inspire similar programs. It envisions a future where more communities can build wealth. This is done through local real estate development and empowerment.
