HomeSight and 1DROP Partner to Secure $5M Grant for Developers of Color Projects
Commerce Director Mike Fong, Homesight’s Executive Director, Darryl Smith pose with 1DROP developers (left to right) Dominique Remy, Claude Remy, Reggie Brown, Kay Cole, and Lexie Brown (Photo: Jordan Somers)
On November 1, 2024, 1DROP proudly announced a strategic partnership with HomeSight to secure a $5 million grant from the Washington State Department of Commerce to support new construction for developers of color. This significant funding, awarded through Commerce’s Community Reinvestment Project (CRP) is a community-designed plan to uplift those disproportionately harmed by the war on drugs.
The aim is to advance equitable economic development by helping target communities acquire and secure assets and work together to achieve goals. This grant will support acquisition financing specifically designed for developers of color across Washington state. The grant aims to empower minority developers by addressing the historic financial barriers they face, fostering equitable economic growth, and creating more affordable housing options for underrepresented communities.
This partnership with HomeSight, both Black Home Initiative network partners, reflects a shared commitment to tackling systemic disparities in access to capital. Commerce Director Mike Fong highlighted the importance of equitable access to financial resources in his announcement, stating, “Access to capital opens doors to economic opportunity and generational wealth-building.” By channeling these resources to developers of color, 1DROP and HomeSight aim to uplift individuals and communities disproportionately impacted by the war on drugs, enabling them to acquire and develop property that contributes to wealth-building and community stability.
“I want to thank the Department of Commerce team for being relentless and having the courage to do something about racial equity and executing a great plan,” shared Reggie Brown, local real estate developer and co-founder of the 1DROP, a by-and-for organization that supports the growth of developers of color in order to build affordable housing for all.
Speaking at the press conference, 1DROP co-founder Dominique Remy emphasized the need for greater representation of developers of color in the real estate industry. “A study by Grove Impact shows that only 0.4% of private developers nationally are Black, and just 0.1% are Latino,” Remy noted. “We want to ensure people of color have an opportunity to share in the building of our communities and generational wealth.” This grant will help create pathways for minority developers to acquire property, build their portfolios, and contribute to the development of diverse, inclusive communities across Washington state.
The funds will be distributed through the Blended Capital Enhancements program aims to assist people in securing and building assets. The program will help fund programs that make it easier for people to buy or expand a home, commercial property, business asset, or vehicle; reduce debt; build credit; save more using matching funds; and getting other financial support and services.
HomeSight, 1DROP, the Black Home Initiative, and Washington State’s Department of Commerce aim to prioritize communities most impacted by historical and systemic inequalities. This groundbreaking initiative reinforces 1DROP’s mission to support the next generation of developers of color and build a more equitable real estate landscape for all.
Learn more about the Department of Commerce’s Efforts to Support Economic Development via the CRP program.
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