icon-search icon-programRelatedInvestments icon-missionRelatedInvestments icon-lowIncomeHousingTaxCredit icon-technology icon-placeBased icon-loanGuarantee icon-minority icon-equityInvestments icon-close calendar chevron-thin-up chevron-thin-down chevron-thin-right chevron-thin-left icon-facebook icon-linkedin icon-twitter icon-youtube icon-caret icon-lock icon-star-in-circle heart-icon home-icon dashboard-icon messages-icon user-icon

Credit Where Credit Is Due: Expanding Access to Capital for BIPOC Developers

Haitian-born Julio Bateau arrived in Detroit in 1978 with a graduate degree in structural engineering and a spirit of possibility. He was drawn to Midtown, a then-economically distressed area in central Detroit overrun with vacant and abandoned properties. Bateau saw an opportunity. “My vision was not to make a lot of money or build an empire. The goal was stability in the neighborhood,” explains Bateau. “I have always been focused on the long run.”

For Bateau, founder of Nailah LLC, the “long run” has meant a decades-long career as a community-minded, for-profit developer. His firm’s portfolio includes Midtown redevelopment projects such as the Espoir Center for Caribbean Arts & Culture and Nailah Commons, a 58-unit rental townhouse complex that is a mix of affordable and market-rate housing. His firm has also restored historic homes on Detroit’s East Ferry Street.    

Yet over the past 30 years, even with an experienced team and “strong balance sheet,” Bateau has faced obstacles to securing capital. “Despite the relative financial success of my projects, I’ve never successfully gotten a loan from a large, commercial bank,” he says. “I don’t want to be labeled ‘Black’—I just want a fair chance.”  

Read more from Shelterforce here>>>