Amazon has announced a $21 million pilot project to offer professional development training for real estate developers of color.

The two-year, part-time accelerator program — which will be free for participants — aims to support real estate developers of color in an industry known for high barriers to entry — specifically access to capital investment and practical experience. With the goal of increasing the number of real estate developers of color focused on affordable housing and inclusive community building, the program also will address the challenges those developers often face when bidding for affordable housing developments.

An initiative of Amazon's $2 billion Housing Equity Fund announced in January, the accelerator will initially support up to thirty participants by providing virtual and in-person classroom instruction on real estate fundamentals, affordable housing trends, public policy, and financing best practices; small group mentoring; and professional networking opportunities with industry leaders, researchers, and established real estate developers. The program also will offer access to capital for pre-development expenses such as architectural and engineering costs; permitting, survey, and site-planning fees; and market and feasibility studies. Amazon is partnering with local organizations including the Local Initiatives Support Corporation (LISC) in the Puget Sound region, Capital Impact Partners in the Arlington, Virginia, region, and the Urban League of Middle Tennessee in Nashville to develop curricula and networking opportunities.

“Developers of color bring enormous opportunity for creative and inclusive solutions to community-focused real estate development, but systemic issues continue to create multiple barriers to their success,” said Ellis Carr, president and CEO of Capital Impact Partners and CDC Small Business Finance. “Through this program, we are partnering with Amazon in helping open doors for people of color who can then pay their experience forward.”

(Photo credit: Andrey Sayfutdinov)