Hartford program aims to create the next generation of real estate developers – NBC Connecticut
In Hartford, there is a new training program to turn some of the city’s colored residents into real estate developers.
In an effort to reduce the number of dilapidated properties, Hartford Land Bank is recruiting candidates for a Real Estate Development Training Corps, an intensive two-week training program where participants will learn the craft of real estate development and then gain access to buying houses. of the Land Bank.
âIt creates wealth right here in our communities through the redevelopment of our neighborhoods,â said Arunan Arulampalam, CEO of Hartford Land Bank.
A group of 15 to 20 candidates will be selected for the intensive two-week training scheduled for December. They’ll learn about financing, building plans and more, then have access to on-the-ground properties, funds, and capital to do it all.
The Hartford Community Loan Fund pledged $ 1 million to provide low-interest construction loans to program participants
The program seeks candidates with some construction experience or business understanding to function as project managers.
Menard “Tex” Sampson is renovating his fifth property in Hartford, a three-family home on Earl Street which he will eventually rent to tenants. He bought it from the Land Bank and hopes more townspeople will take advantage of the program to learn the development craft.
âIt’s like a work of art to me. You turn something that nobody wants, they can’t see a value in it, and then you turn it over and everyone is like it’s beautiful. There is a lot of freedom that you get by doing real estate and developing properties.
You can apply to the program here: HartfordLandBank.org.