by PIDCphila
February 26, 2019

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Recently, PIDC attended the first ever Jumpstart Kensington Developers’ Network Event. The event offered an opportunity to build meaningful relationships with community developers and learn about the 2019 Jumpstart Kensington Training Program, co-launched by Shift Capital and Impact Services. The 2019 Jumpstart Kensington Training Program is designed to help local residents become real estate developers within their community to gain more ownership over their neighborhood.

Brian Murray, principal at Shift Capital, and Casey O’Donnell, president & CEO at Impact Services, who both co-launched the initiative, spoke at the event along with PIDC client, Greg Reaves, principal at Mosaic Development Partners. Each speaker shared their experience of being a successful real estate developer during a fireside-style discussion hosted by Shift Capital’s Real Estate Analyst, Bryant Riley.

“We launched our first 20-person cohort last year in October, and they went through nine hours of real estate training,” said Bryant. “From there, they were assigned a real estate mentor and now have access to receive funding to purchase and rehab distressed homes within the northern Kensington neighborhoods through our loan program with Impact Services.”

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Philadelphia’s poverty rate is the highest among the nation’s 10 largest cities. Plus, the Center for Investigative Reporting found that African Americans and Latinos are more likely to be denied a conventional mortgage in comparison to whites. “The Jumpstart model is working to eradicate most of these challenges that exists within the real estate market today,” said Bryant. The program empowers residents in the northern Kensington neighborhoods, which are majority Latinx communities, to become developers of their own neighborhood through quality, community-focused real estate development.

“When you own something in your community, you become a decision maker.” – Greg Reaves

Greg shared with event attendees that Mosaic Development Partners enjoys working in communities where they can have an impact. “We are a big believer in multiculturalism. We want women, people of color…we want all people to participate in the wealth. When you own something in your community, you become a decision maker,” said Greg. “We work with PIDC. One of the biggest parts of [neighborhood development] is partnering with others”

Shift Capital and Impact Services plan to host three more events throughout the year before each cohort’s training program. Learn more about the Jumpstart Kensington Training Program.