Community Vision and Genesis LA are excited to announce the launch of CalCORE’s third cohort. CalCORE is a five-year state-wide initiative that brings together cohorts of community-based 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.
CalCORE’s third cohort focuses on housing and will help eligible nonprofit organizations prepare for the Foreclosure Intervention Housing Preservation Program (FIHPP). Over the next few years, FIHPP will provide approximately $400 million in grants and loans to nonprofits to acquire, rehabilitate and preserve affordable housing in foreclosure or at risk of foreclosure. This CalCORE cohort will provide training and resources for community-based developers to help them prepare to leverage this opportunity.
Who this is for
CalCORE’s third cohort is open to community-based real estate entities that are focused on housing and eligible for the FIHPP program. Please see section 503.1 of the FIHPP guidelines for organization eligibility criteria.
Organization types can include CLTS, CDCs and other types of community real estate entities. CalCORE focuses on BIPOC-led real estate organizations deeply rooted in communities of color and historically disinvested communities.
What to expect
The program is six months long and includes at least two multi-day in-person convenings, online learning sessions and one-on-one technical assistance. In-person convenings will be held around the state of California, and programming will include community tours, learning sessions and networking opportunities. The first in-person convening will be in Los Angeles June 6, 7, and 8 and the second convening will be in the Fall/Winter of 2023. CalCORE will cover lodging and some meals.
The online learning sessions will be held in between in-person convenings, and the dates will be co-created with participants.
- How to prepare your organization to apply for FIHPP, including a review of the program, requirements and compliance.
- How to know if you are ready to purchase property, including identifying the financial and managerial characteristics that need to be in place in order to ensure long-term sustainability.
- How to know when a real estate deal is sustainable and the basics on assessing project viability, including a review of real estate pro formas.
- Deal structuring and capital strategies with traditional and alternative financing, including an introduction to the underwriting process and understanding debt criteria.
- Financial management and creating and reviewing project budgets and pro formas.
One-on-One Technical Assistance
Organizations will receive one-on-one technical assistance throughout the program. 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 act as a navigator to assist in assembling project teams and connect the organization 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.
- 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 must be interested in applying for FIHPP.
- Commitment from two staff members, board members or volunteers to attend all in-person and online learning sessions to the best of their ability.
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.
How to apply
Applicants will be notified of acceptance the week of May 1, 2023.
Applications are now CLOSED. Deadline to apply was April 17, 2023.
Dates are subject to change and in-person events will adhere to COVID safety guidelines.
- Application deadline: Monday, April 17, 2023
- Notification of acceptance: Week of May 1, 2023
- First in-person convening: June 6–8 2023 (Los Angeles)
- Second in-person convening: Fall/Winter of 2023
- Community project applications open: Winter/Spring 2023-2024