Black Squirrel’s Philly RiSE program aims to diversify the real estate industry and build housing wealth in communities of color by helping developers of color get land from the Philadelphia Land Bank, writes Michaelle Bond for The Philadelphia Inquirer.

The successful program has recently received significant attention at the Urban Land Institute’s spring conference in Toronto.

Following a presentation made by Kevin Moran, executive director of the Philadelphia chapter of the Urban Land Institute, and Black Squirrel partner Jim Burnett, executive director of VestedIn, industry professionals from around two dozen municipalities have expressed their desire to replicate the program in their cities.

The Philly RiSE program guides developers through the process of acquiring city-owned properties. The process is complex and can represent a challenge for small- and mid-scale developers who have not previously gone through it.

Black Squirrel is gearing up to start its second cohort in Philadelphia in the fall.

“Ultimately, our goal is to drive wealth in the Black and brown communities through real estate,” said Thomas Webster, Black Squirrel partner and a business and investment adviser.

There are plans to launch the program in another city in the next couple of years.

Read more about the Philly RiSE program and how it can make a positive impact on Philadelphia’s real estate ecosystem at The Philadelphia Inquirer.

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