News Summary
Local Return, a nonprofit organization, is set to launch Jumpstart Rhode Island, a new initiative designed to empower aspiring real estate developers. The program will offer training, mentoring, and networking opportunities to individuals committed to community development. With a curriculum covering key aspects of real estate development, the initiative aims to address the urgent need for affordable housing in the region. Applications are due by May 19, with training sessions starting in June, marking a step towards building community wealth and inclusivity in Rhode Island’s neighborhoods.
PROVIDENCE, RHODE ISLAND – Local Return, a nonprofit organization, is set to launch a new initiative called Jumpstart Rhode Island, aimed at empowering aspiring real estate developers in the region. The program will provide comprehensive training, mentoring, and networking opportunities for individuals who are community-minded and at early stages of their development journey. Training for the first cohort is scheduled to begin in June.
Jumpstart Rhode Island’s curriculum will cover vital aspects of real estate development, including property sourcing, due diligence, financing, design and construction, as well as leasing and selling. The program is specifically designed to help participants learn the intricacies of real estate development, which is critical in addressing the pressing need for affordable housing in Rhode Island.
The initiative is part of Local Return’s broader mission, which focuses on building community wealth through community ownership and investment in Rhode Island’s neighborhoods. By targeting neighborhoods that have historically faced neglect, the program hopes to close opportunity and prosperity gaps and promote wealth creation within these communities.
Local Return has also recently initiated a fundraising effort to establish Rhode Island’s first community investment fund, with a goal to raise $3.5 million. This fund will further support local development initiatives and enhance community engagement.
The concept for Jumpstart Rhode Island draws inspiration from a similar program launched by Ken Weinstein in Philadelphia in 2015, which has since expanded to 15 communities across the United States. To date, over 2,900 individuals have graduated from these Jumpstart programs, benefiting from a structured educational experience that includes seven Jumpsteps designed to guide participants through the real estate development process.
Participants in Jumpstart Rhode Island will learn how to effectively develop a project strategy and team, conduct due diligence, navigate financing, zoning, and permitting issues, prepare financial projections, and find and manage contractors throughout the construction process. Local partners will contribute to the program by providing training in financial literacy and construction skills, thereby ensuring that participants receive well-rounded support.
There is a significant demand for training programs like Jumpstart Rhode Island, as the state faces an urgent requirement for affordable housing options. By equipping aspiring developers with essential knowledge and skills, Local Return aims to encourage local investment and increase diversity in the field of real estate development.
Interested individuals must be residents of Providence or demonstrate a strong connection to the city in order to apply for the first cohort. Applications must be submitted by 5 p.m. on May 19. The training sessions are set to take place on June 7, 14, and 21. Additional information about the program and application procedures can be found by visiting Local Return’s official website.
In conclusion, Jumpstart Rhode Island presents an exciting opportunity for local aspiring real estate developers to gain the tools and knowledge necessary to make a significant impact in their communities. By fostering local talent and encouraging community investment, this initiative embodies Local Return’s dedication to building a stronger, more equitable Rhode Island.
Deeper Dive: News & Info About This Topic
- Boston Globe: Providence Real Estate Development Training
- GoLocalProv: Boston’s Top Planner to Speak
- Boston Real Estate Times: Mixed-Use Building Approval
- Patch: New Development Opens Composting Site
- Wikipedia: Affordable Housing
