Celebrating Black History Month with DCHFA!
Given the obstacles black real estate developers face when accessing the capital needed to revitalize communities in need, HAND in partnership with the DC Housing Finance Agency (DCHFA), believed it was essential to bring together developers for a discussion on solutions that drive equitable outcomes for communities of color. To kick off Black History Month, we were pleased to host Part 1 of The Baldwin DuBois Discussion Series, titled Building Blocks - Preparing the Next Generation of Emerging Developers. The dynamic panel included Ellis Carr (President, Capital Impact Partners), Bo Menkiti (CEO, The Menkiti Group), Sonja Sanders Wells (Executive Vice President & Chief Lending Officer City First Bank), and moderator Christopher Donald (Executive Director & CEO, DCHFA). We want to thank our speakers for their leadership and the attendees for joining us. If you weren't able to attend this event, please check out the recording, quotes, and photos below!
Check out highlights from the session below!
Ellis Carr
President
Capital Impact Partners



On the importance of building an effective team:
"…it's not about who you know. It's about who knows you and having a connection to people within your network who are not just developers but folks in the development community who can help you... Chris, your question is really about making sure that there is more than a dream - that there's actually past execution. Whether that's in a big firm or otherwise, and then having the support around you, a team around you that we can effectively see execution and being able to succeed in the development process."
Bo Menkiti
CEO
The Menkiti Group



Advises to create two-way transactions:
"We think that when we seek out people to either be a mentor or to get something from them, that it's a one-way transaction. We forget that we might have something to bring to them. My main piece of advice would be, don't meet with somebody until you figure out how you can help them... Ellis Carr has a huge world. [Ask yourself] where's the little piece that my company can provide something of value that advances Ellis' mission? Because don't forget, you have something to offer! I think that's the biggest thing is people go ask for something not knowing that they have something offered."
Christoper Donald

Executive Director & CEO DC Housing Finance Agency


On the power of integrity:
"Your integrity is the only thing you have before success. If you have no integrity, you have no access. Your integrity is more important than your balance sheet. It's more important than your experience. It's more important than everything else. Because when people know what you tell them is what it is. They can trust you, and they're willing to bet on you. You must protect your integrity. "
Sonja Sanders Wells
Executive Vice President & Chief Lending Officer
City First Bank


On the importance of picking the right bank:
"So we're [banks] looking for particular segments. We're not going to venture into hospitality just because. You [developer] may look great, and you may have all the chops, but that's not an industry segment that we specialize in. So the one thing I would definitely say is, whatever you do, pick the right thing for what you're doing. Because all banks are not created equal. All banks do not dip their toes into every possible business line that's out there. So that's the one thing I would say is to pick the right thing. Make sure you know what is a good fit for you."
Interested in similar events? Register for the next event in this series!
Looking for more resources on all things racial equity?
Stop by our website for a compilation of helpful materials!
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