Goals are to help residents learn real estate development, promote neighborhood-driven revitalization, and build community wealth; applications due May 16
Local Return announced the launch of the Jumpstart Rhode Island program to revitalize Rhode Island and build community wealth through training, mentoring, and networking for local aspiring real estate developers. This unique community development program is modeled on and part of the network of programs developed by Jumpstart Germantown and Philly Office Retail in Pennsylvania.
“We learned about this program as we sought opportunities to build a pipeline of community investments for the Local Return Diversified Community Investment Fund,” said Local Return President Jessica David. “We’re excited to help more local residents invest in themselves and their own neighborhoods.”
Jumpstart was developed by Ken Weinstein in 2015 in the Germantown section of Philadelphia and has now grown to 15 communities. The objectives of the program are to:
- Create opportunities for local residents to invest and develop in their neighborhoods
- Build wealth locally
- Support scattered-site rehabilitation
- Encourage a healthy mix of affordable and market-rate housing
- Improve neighborhood safety and raises property values through blight reduction
- Help first-time investors become more attractive to traditional lenders
- Promote diversity, changing the face of real estate development
Sharon Conard-Wells, the former executive director of the West Elmwood Housing Development Corporation and long-time community leader, assisted Local Return with adapting the program to Rhode Island.
“In my years of community development work, I’ve seen how much Providence residents care about where they live” said Sharon Conard-Wells. “I’m thrilled to help jumpstart a new network of neighborhood developers in Providence.”
This program has been brought to Rhode Island with the generous support of Centreville Bank. “As a community bank, we’re proud to help bring this initiative to Rhode Island because it reflects our core commitment to building stronger, more inclusive local economies,” said Paola Fernandez, Centreville’s senior vice president of community development. “By partnering with Local Return and supporting aspiring real estate developers with tools, training, and access to capital we’re helping create pathways to ownership and economic opportunity.”
The training program introduces less experienced developers to the basics of real estate development, including property sourcing, due diligence, financing, design and construction, and leasing and selling. The program consists of 15 hours of instruction.
Aspiring or early-stage developers who are community-minded are encouraged to apply. The pilot cohort will focus on Providence and is open to residents and people who have a strong commitment and connection to the city. Training sessions will take place on three Saturdays, June 7, 14, and 21, from 9:00 a.m. until 2:00 p.m. They will be held in person at the West Elmwood Housing Development Corporation’s Sankofa Community Room in Providence. At this time, the program is only being delivered in English. To graduate, participants must attend all three sessions. There is a $75 participation fee. Scholarships are available.
Upon graduation from the Jumpstart Rhode Island program, participants are paired with an experienced mentor to guide them through their next development projects. Local Return is seeking experienced real estate developers to serve as mentors.
“The success of the Jumpstart program is dependent on seasoned real estate professionals volunteering their time and providing their experience,” said David. “If you want to help someone new to the field avoid any hard mistakes you had to make, this is a perfect opportunity to pay it forward.”
The pilot cohort will consist of up to 15 participants. Interested candidates must apply online by Friday, May 16. Find more information, including the applications for participants and mentors, at localreturn.org/jumpstart-rhode-island/.
