NORTHSIDE REAL ESTATE DEVELOPER GRANTS
Grants will cover pre-development costs for Black real estate developers with ownership and site control of commercial or residential real estate projects in North Minneapolis. The goal is to alleviate smaller financial burdens that often hinder the success and sustainability of developers from a historically marginalized community with limited representation in the real estate development field. Thanks to the Northside Commercial Real Estate Committee of The Jay and Rose Phillips Family Foundation of Minnesota, funding will be distributed to projects in the following neighborhoods of North Minneapolis: Cleveland, Harrison, Hawthorne, Jordan, McKinley, Near North, Sumner-Glenwood, Victory, Willard-Hay, and Webber-Camden.
Applications are due on Monday, December 12 at 4 p.m. The announcement of grant finalists will be made in mid-January 2023.
What We Will Fund
Grants are available for predevelopment costs for commercial and residential real estate projects. Additionally, these funds can be used as matching funds for other funding opportunities.
Eligible Expenses: Repairs, Inspection Fees, Architecture, Accounting / Legal Fees, Engineering, Project Management, Permits/Other Regulatory Fees, Remediation Costs, and Material Costs.
Ineligible Expenses: Land acquisition, Salaries, and Business operations and operating expenses.
Who Is Eligible to Apply?
Grant funds have been established to support Black real estate developers with ownership and site control of commercial and residential real estate projects located in North Minneapolis. Projects must be located in the following neighborhoods of North Minneapolis: Cleveland, Harrison, Hawthorne, Jordan, McKinley, Near North, Sumner-Glenwood, Victory, Willard-Hay, and Webber-Camden.
Eligible Applicants: Commercial and residential property owners and developers (for-profit) with site control
Ineligible Applicants: Local governments
Priority will be given to applicants with development experience, education, and that have secured one or more of the following steps in their project: Subsidies, Tax Credits, Construction Financing, Zoning in Place, and Entitlement Status.
All applicants must complete an application that will be reviewed by the Northside Commercial Real Estate Advisory Committee for eligibility and project readiness. Applications are due by Monday, December 12 at 4 p.m. CDT. Finalists will receive notification that they are being considered for a grant, and requests will be made for additional documentation at that time if necessary. Final grant announcements will be made by mid-January 2023.
Preview the application here. All application materials must be submitted through the Minneapolis Foundation’s online portal. Applicants will need to create an account in the portal in a two-step process — after creating your account, there is a follow-up email to connect yourself to your organization. We encourage you to log in early in the process to ensure that you have access to it.
Watch our recorded grant information session to learn more.