Wealthy developers are snapping up properties left and right in Detroit, leaving many residents to wonder if they'll be left with just the scraps. But, according to a City Lab article
titled, "Can Detroiters Finally Get a Stake in the City's Real-Estate Boom?", a new real estate program looks to give Detroiters the information they need to invest in property.
The article details "Better Buildings, Better Blocks
," "a neighborhood-based real-estate class that provides education and resources to residents of Detroit, Hamtramck, and Highland Park," writes Andrea Penman-Lomeli.
"It was recently selected as one of the 33 winners of the 2017 Knight Cities Challenge
, which will provide three years of funding for the class. Individuals who take the course learn firsthand how to invest in properties, focusing on acquisition, financing, and project management for small-scale projects. The goal of the program is to create a network that ensures that communities can sustainably rehabilitate residential and commercial spaces and that Detroiters can finally articulate how their city is remade."
The program is run by Chase Cantrell, of Building Community Value
, who was featured in a Model D article about combating income inequality
where he talked about the course, which he was in the process of designing.
"Part of the model is to create a fund that'll serve a singular purpose to invest in projects that come through the cohorts," said Cantrell in November 2016. "Once you go through the program, if you have a promising project, you can get a loan or equity investment from the fund."
According to the City Lab article, much of those original goals are still in place. Sessions will be taught by local developers, based on a curriculum designed by University of Michigan professor Peter Allen.
Learn more about the "Better Buildings, Better Blocks" course here.