The Real Estate Developers Academy trains new developers to help combat the housing crisis. The program just launched in Norfolk and Newport News.
NORFOLK, Va. — The Norfolk and Newport News Redevelopment and Housing Authorities are teaming up to expand a new program to Hampton Roads.
The Real Estate Developers Academy (RED) works to train new developers to combat the housing crisis.
The program is aimed at boosting all kinds of housing in both cities, but especially when it comes to making those properties affordable.
However, before coming to Hampton Roads, the program first found success in Nashville, Tennessee.
In Nashville, the program teaches a cohort of developers how to succeed with an emphasis on creating more affordable and attainable housing through three core areas: training, mentorship and financing. Now, that exact program is being expanded to Newport News and Norfolk.
“Whether you’re doing well or maybe not doing so well, it’s still important to make sure that we have affordable options for everyone in our city,” said Nathan Simms, CEO of the Norfolk Redevelopment and Housing Authority.
Simms said Hampton Roads is in critical need of all types of housing, especially affordable housing.
According to Simms, Norfolk alone needs about 6,000 more affordable housing units specifically for the “low-income bracket.”
“Housing availability and affordability is a long-term goal of this region,” Simms said.
While Simms said there is no one number that fits all for affordable housing by definition, he said affordable housing is housing that costs no more than 30% of a household’s gross income, including utilities.
That’s why Simms’ organization, along with the Newport News Redevelopment and Housing Authority, is teaming up with the Real Estate Developers Academy to bring a wide range of housing opportunities to the city.
“What we get to do is take the vision of our residents and what they want to see in our communities and match that up to the people that can bring it,” said Lysandra Shaw, the executive director for the Newport News Redevelopment and Housing. “That’s how we get our communities and that’s how we get our affordable housing.”
Aron Thompson with the RED Academy said the organization will train new developers looking to get their foot in the door to create a mix of housing for any price range, all to create a more affordable, flourishing market.
“We need all hands on deck; one individual developer can’t solve that problem by themselves,” Thompson said.
The RED Academy’s first cohort in Hampton Roads starts in January, and requires an 18-to-20-month commitment.
