The City of Austin is throwing its support behind local real estate developers with the reintroduction of the Austin Equitable Development Initiative (EDI), building on the foundation laid by the former Austin Small Developer Training program. In partnership with Capital Impact Partners and HousingWorks Austin, the program is designed to offer a leg up to community-rooted developers in an effort to help them contribute to Austin's diverse and booming real estate market. According to an announcement on the city's website, applications are now open until April 21.
Interim Director of the Housing Department and AHFC Treasurer Mandy DeMayo cited the importance of the initiative, "We are proud to support an initiative with goals to ensure real estate developers reflect Austin’s diverse communities,". The EDI offers a myriad of support for participants, including training, mentorship, and access to financing opportunities. Pushing for local engagement in the region's prosperous real estate market, the initiative is a response to rising affordable housing needs and is expected to amplify job creation locally.
This year's program, managed by Momentus Capital's branded family of organizations via Capital Impact Partners, will accept 15 participants in a nine-month series geared towards Austin's specific real estate climate. In a statement released by the city's website, Lauren Counts, Head of National Programs for Capital Impact Partners, said, "Empowering local real estate developers will help them become more involved in creating more affordable housing and more of the buildings that Austin's community members are seeking." The collaboration with other city organizations aims to prep these burgeoning developers for housing projects that have a tangible impact on Austin's growth and evolution.
Speaking to the broader impact of the initiative, Executive Director of HousingWorks Austin Awais Azhar emphasized the ongoing mission: "While we continue to make strides as a community in addressing affordability, we know that it is critical for us to continue to develop affordable housing to serve those most in need." These trainings and resources are particularly significant considering the disproportionately lower representation of people of color and women in the real estate development sector. The hands-on approach includes a variety of essential development tools to set local players up for success.
Those interested in the Austin Equitable Development Initiative can mark their calendars for an informational webinar on April 4, 2025, at 1:00 p.m. CT, with RSVP details available online. The EDI's selection criteria prioritize applicants who have faced barriers to capital, need specialized training, and show a firm dedication to community development. Last year's launch included 20 participants, all demonstrating commitment towards increasing the availability of affordable housing and growing their enterprise to meet Austin's development landscape.
