Community Vision and Genesis LA are excited to announce the launch of CalCORE’s second cohort. CalCORE is a five-year state-wide initiative that brings together cohorts of small and emergent developers, with a focus on Black, Indigenous, people of color-led (BIPOC) real estate organizations – particularly Community Development Corporations (CDCs) and Community Land Trusts (CLTs). These deeply-rooted organizations often serve as a buffer between the commercial real estate market and their communities while navigating capacity and capital barriers for wider community impact.
The second cohort will support small and emergent community-based real estate entities with acquiring and operating commercial real estate including retail, nonprofit, light industrial space, agricultural land, and more.
Applications are now closed.
The second cohort is open to small and emergent community-based real estate entities that are purchasing and/or holding commercial real estate for community use. Organization types can include CLTS, CDCs, and other types of community real estate entities. The program focuses on BIPOC-led real estate organizations deeply rooted in communities of color and historically disinvested communities.
- The program will include three in-person convenings that are each 1.5 days in June 2022, late fall of 2022, and late spring or early summer of 2022.
- Convenings will be held around the state of California.
- Programming includes participant-led community tours, learning sessions, and networking opportunities.
- CalCORE will cover lodging and some meals.
Online Learning Sessions:
- Online learning sessions will be held in between each in-person convening.
- Dates for online sessions will be co-created with participants.
Each Organization Will Receive:
- A $5,000 stipend.
- Up to 80 hours of one-on-one technical assistance.
- Small sites development, including residential and mixed use, non-housing commercial, non-profit facilities, shared office space, retail corridors and agricultural land.
- How do you know you are ready to purchase property? What are the financial and managerial characteristics that need to be in place in order to ensure long-term sustainability?
- How do you know when a real estate deal is sustainable? Basics on assessing project viability including reviewing real estate pro forma.
- Traditional and alternative financing strategies – including introduction to the underwriting process and understanding debt criteria.
- Creating and reviewing project budgets and proformas.
- Portfolio management including facilities, property, and asset management.
- Construction project management: fundamentals of construction management and putting together your project team.
- Board and financial considerations for community-based, real estate driven nonprofit.
- Stability strategies for small real estate nonprofits and possible collaboration strategies.
- Regular ways for cohort participants to share the work they are doing in one-on-one technical assistance work.
Technical assistance consulting engagements will last 1-2 years. This is a personalized, in-depth approach focused on building trust between the consultant and client. The consultant will be a second set of eyes on transactions and development projects, as well as acting as a navigator to assist in assembling project teams and getting the organization connected to other resources needed for a successful project. Further, the consultant will work with staff and leadership around organizational development to build long term capacity. Areas of assistance requested include:
- Providing guidance on building a real estate nonprofit (organizational infrastructure).
- Building a great nonprofit board that is well-positioned to make real estate decisions.
- Proforma/deal review (purchase and sales or long-term lease agreements, project timeline and budget, joint venture agreements, etc).
- Assembling a development team.
- Deal structuring and capital strategies.
- The organization and its programs/projects must be located in the state of California.
- The organization must be a Community Land Trust, Community Development Corporation, or other locally rooted nonprofit that will be acquiring and developing real estate as an ongoing program.
- The organization’s projects must focus primarily on commercial real estate (retail, commercial corridors, nonprofit office and program space, light industrial/maker space, agricultural land, mixed use sites, etc). Projects can include other ancillary uses such as housing.
- Commitment from at least one staff member, board member, or volunteer to attend all in-person and online learning sessions; to the best of their ability. A maximum of two people per organization can participate.
PRIORITY WILL BE GIVEN TO ORGANIZATIONS THAT:
- Are deeply rooted in low-income communities, communities of color, and historically underserved communities.
- Are BIPOC-led. This is defined as meeting at least one of the following criteria: A BIPOC executive director; Majority of the board is BIPOC.
- Are new or emerging organizations.
Dates are subject to change and in-person events will adhere to COVID safety guidelines, including the possibility of moving convenings online in the event it is not advised to gather in person.
- Application deadline: Friday, April 1st, 2022
- Notification of acceptance: Last week of April
- First in-person convening: June 2022, Fresno, CA
- Second in-person convening: Late fall of 2022
- Third in-person convening: Late spring or early summer of 2023