The Northside Commercial Real Estate Advisory Committee of the Jay and Rose Phillips Family Foundation of Minnesota is pleased to announce that it will distribute $100,000 in grants to Black real estate developers in North Minneapolis.

With these grants, the Phillips Foundation aims to alleviate smaller financial burdens that often hinder the success of developers who come from a historically marginalized community and have limited representation in the field of real estate development. Grants will cover pre-development costs for Black real estate developers with site control of North Minneapolis commercial and “missing middle” (5-unit minimum) residential real estate projects.

The Phillips Foundation plans to award up to $15,000 per grant application based on eligibility and project readiness. Applications are due on Monday, September 25 at 1 p.m. Grants will be announced by mid-December 2023.

Who is Eligible to Apply?

These grants will support Black real estate developers with site control of commercial real estate projects located in North Minneapolis, prioritizing neighborhoods connected to West Broadway Avenue and other transit corridors in the area. These neighborhoods include: Cleveland, Harrison, Hawthorne, Jordan, McKinley, Near North, Sumner-Glenwood, Victory, Willard-Hay, and Webber-Camden. Priority will also be given to applicants who are North Minneapolis residents, and to projects that incorporate universal design or sustainability attributes.

Eligible Applicants:  Black commercial real estate developers with site control

Ineligible Applicants: Local governments, nonprofits

What We Will Fund

Grants are available for predevelopment soft costs for real estate projects focused on commercial or missing middle (5-unit minimum) properties. Grants can also be used as matching funds for other funding opportunities.

Eligible Expenses: Inspection Fees, Architecture, Accounting and Legal Fees, Engineering, Project Management, Permits and Other Regulatory Fees, Third Party or Phase I Reports.

Ineligible Expenses: Repairs, Material Costs, Land Acquisition, Salaries, and Business Operations and Operating Expenses.

Additional Requirements

The following list of documentation must be submitted with the grant application.

• Brief Bio (200 – 350 words)
• Proof of Site Control
  • Deed
  • Purchase Agreement
• Financial Documentation
  • Pro-forma
  • Sources and Uses
  • Development Budget and Assumptions (The document can include notes with additional context.)
  • Operating Income and Expense Statements
  • Letter from bank confirming line of site construction financing, or major rehab financing within 6 months of application submission.
• Proof of Zoning in Place
• Proof of Entitlement Status

Additional Supplemental Documentation

• Project Renderings

Application Process

All applicants must complete an online application that will be reviewed by the Northside Commercial Real Estate Advisory Committee for eligibility and project readiness. Applications are due by Monday, September 25 at 1 p.m. CDT.

Finalists will receive notification that they are being considered for a grant. If necessary, requests will be made for additional documentation at that time.

Grants will be announced by mid-December 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, you will receive a follow-up email to connect yourself to your organization. We encourage you to log in early in the application process to ensure that you have access to the portal.

For more details, watch this recorded grant information session.

Questions

If you have questions about accessing the online portal, please contact the Minneapolis Foundation’s Grants Administration team at grantsadministration@mplsfoundation.org. If you have questions about the guidelines or need other assistance with the application process, contact Maya Beecham at mbeecham@phillipsfamil1.wpenginepowered.com.