Northside Real Estate Developer Grants

Overview

Northside Real Estate Developer Grants

Phillips Foundation to award grants to Black real estate developers in North Minneapolis

The Northside Commercial Real Estate Advisory Committee of the Jay and Rose Phillips Family Foundation of Minnesota is pleased to announce that it will distribute $100,000 in grants to Black real estate developers in North Minneapolis.

With these grants, the Phillips Foundation aims to alleviate smaller financial burdens that often hinder the success of developers who come from a historically marginalized community and have limited representation in the field of real estate development. Grants will cover pre-development costs for Black real estate developers with site control of North Minneapolis commercial and “missing middle” (5-unit minimum) residential real estate projects.

Funding

The Phillips Foundation plans to award up to $15,000 per grant application based on eligibility and project readiness.

Eligibility

_You can learn more about this opportunity by visiting the funder's website._

* Eligible Applicants: 
* Black commercial real estate developers with site control
* These grants will support Black real estate developers with site control of commercial or “missing middle” (5-unit minimum) residential real estate projects located in North Minneapolis, prioritizing neighborhoods connected to West Broadway Avenue and other transit corridors in the area.
* These neighborhoods include: Cleveland, Harrison, Hawthorne, Jordan, McKinley, Near North, Sumner-Glenwood, Victory, Willard-Hay, and Webber-Camden.
* What We Will Fund:
* Grants are available for pre-development soft costs for real estate projects focused on commercial or missing middle (5-unit minimum) properties.
* Grants can also be used as matching funds for other funding opportunities.
* Eligible Expenses: 
* Inspection fees, architecture, accounting and legal fees, engineering, project management, permits and other regulatory fees, third party or Phase I reports.

Ineligibility

* Ineligible Applicants: 
* Local governments, nonprofits
* Applicants who have already received funding through this opportunity are not eligible to apply for funding for the same project.
* Ineligible Expenses: 
* Repairs, material costs, land acquisition, salaries, and business operations and operating expenses.