Increasing Diversity in Real-Estate Development Can Drive Systemic Change In Communities of Color with U.S. Bancorp Impact Finance

Renegade Capital

S3 Ep 3 | According to a new study, Black and Hispanic real estate developers together make up less than 1 percent of their industry. This gap in the real estate industry isn’t just a representation crisis, it’s also a huge missed opportunity – the study estimates a more diverse industry could create more than $100 billion in new revenue. Investing in systemic change could close this gap and actually bring lasting economic growth to many communities. US Bancorp Impact Finance, a subsidiary of US Bank, has taken a lead role in addressing systemic issues by investing in community development across the nation. In this episode Miranda Walker, US Bancorp’s Affordable Housing Impact Capital Manager, shares how they are creatively working with CDFIs and BIPOC led developers to uplift local communities.
About Miranda.
Miranda Walker joined U.S. Bancorp Impact Finance in 2022. In her role as impact capital manager, Miranda focuses on deploying capital to emerging developers of color. Prior to joining U.S. Bancorp Impact Finance, she managed the development of affordable housing in the Twin Cities. Her nearly 15 years of development experience involved feasibility analyses, site acquisition, entitlement, design development, construction management, financial modeling, tax credit application and financing, and permanent financing conversion. In addition to her affordable housing work, Miranda has served as a Planning Commissioner for the City of Brooklyn Park and as a volunteer for Hands On Twin Cities and Habitat for Humanity. Currently, she serves on the board of Alliance Housing and provides advisory support for Twin Cities LISC. Miranda earned a B.A. in Studies of Cinema and Media Culture and a Master's in Urban and Regional Planning from the Humphrey School of Public Affairs at the University of Minnesota.

Renegade Capital Tools & Tips.

A renegade not only listens but acts. We've consolidated a few tips from this episode for taking action to increase diversity in real estate development.

• Invest in diverse and emerging developers: There are opportunities for investors at every level to use capital to support diverse and emerging real estate developers. Everyday investors can open accounts and place deposits with banks that drive this work, like US Bank and local CDFIs. Institutional investors, other developers, and philanthropists can look for partners and initiatives already committed to this work.
• Find the diverse developers in your community: Grove has published a map and directory of Black and Hispanic developers to assist those who want to connect and do business with these developers. Learn about the ongoing work in your own community and stay up to date on the current issues they face.
• Invest With US Bancorp Impact Finance: If your organization wants to expand its investment portfolio to include real estate that supports developers and communities of color, contact US Bancorp Impact Finance to learn how you can drive systemic change.

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Bab

1. Host Pre-Interview Discussion (00:00:00)

2. Guest Interview Begins (00:11:26)

3. Host Post-Interview Discussion (00:46:40)