An out-of-town developer has big plans for properties in Cleveland’s Hough Neighborhood that have sat vacant for years. The goal is to reinvigorate a neighborhood that’s been struggling to retain business for years. “I'm sad that anyone has to live in a community with a building like this, but I’m hopeful because I’m so committed to this work,” said Developer Dr. Gina Merritt.
Dr. Gina Merritt is a developer on a mission.
On episode 59 of pretty girls love real estate, The Host chats with Dr. Gina Merritt, Founder and CEO of Northern Real Estate Urban Ventures and Project Community Capital, an organization dedicated to leveraging social capital to provide jobs to people in underserved communities.
Dr. Merritt speaks with Laura Calugar about diversity in development, recent wins, and current programs. Affordable housing advocate Gina Merritt on increasing racial equity in development while addressing the chronic affordable housing shortage.
Gina Merritt, Principal at Northern Real Estate Urban Ventures, discusses the $40 million grant program Growing Diverse Housing Developers. Hosts: Carol Massar and Tim Stenovec.
Listen in on episode fourteen of the BOW Knows Business Podcast with Nic Cober!
Apr 15, 2022
Gina Merritt is founder of Northern Real Estate Urban Ventures LLC in D.C. and Project Community Capital, a social capital platform that connects individuals to employment opportunities.
These are the stories of Gina Merritt and Wendy Daniels, two affordable housing developers who participated in the Black Developer Capital Initiative led by the Low Income Investment Fund (LIIF) and National Affordable Housing Trust (NAHT).
Gina Merritt is an active face in D.C.’s real estate scene, most prominently as founder of Northern Real Estate Urban Ventures.
Dr. Gina Merritt recalled having a recurring dream that she had while growing up.
“When I was a kid, I would have the same nightmare about a bulldozer,” she said. “I would have this same dream two or three times a week. Sometimes the bulldozer would catch me, and sometimes it wouldn’t catch me. I would cry because the dream stressed me out for years.”
As a number of projects in Hough are underway from Geis Companies, ARPI Development, Frontline Development Group, and others, Merritt sees the neighborhood undergoing a transformation over the next several years.
The Black Developer Capital Initiative (BDCI) was launched by LIIF and the National Affordable Housing Trust (NAHT) to support the growth of Black-led affordable housing developers.
The grant is allocated as part of the city’s American Rescue Plan Act funds (ARPA) – the largest distribution of the city’s $511.7 million federal stimulus funds for real estate projects to date.
Northern Real Estate Urban Ventures (NREUV), the lead developer on a housing project in Cleveland, has been awarded a historic $8 million grant from the Cleveland City Council.
On Dec. 6, Cleveland City Council agreed to allocate $8 million in federal stimulus money to rehabilitating a vacant housing tower in Hough.