The Hartford Land Bank announces the second round of its Developers Cohort program to train Hartford residents of color in development of vacant and blighted properties. As with the cohort program launched in 2021, this is a unique opportunity for participants to build valuable skills, meet other developers, and become eligible to access properties from the Hartford Land Bank and low-interest financing from the Hartford Community Loan Fund. The goal of the program is to build wealth within neighborhoods in Hartford, while redeveloping blighted properties.
The training will be an intensive five-week course starting in late January. Due to the high demand for the program last year, the Land Bank will accept and work with 25 Hartford residents. The Land Bank is looking for applicants with a construction background who can advance into construction management, and applicants with business acumen who can develop into project managers.
“Our program here in Hartford is one of only a handful in the nation that intentionally invests in the potential of our own residents to build wealth off the redevelopment of vacant and blighted properties in their neighborhoods,” said Arunan Arulampalam, Chief Executive Officer of the Hartford Land Bank. “We continue to have faith that those who live in Hartford are our best asset in rebuilding our neighborhoods.”
Graduates of the program will have the opportunity to apply to acquire one or more of the Land Bank’s blighted properties and to network with other local developers, funders, contractors, and Land Bank partners. The second cohort will also have access to The Hartford Community Loan Fund capitalized pool of up to $1 million in low-interest loans to rehab Land Bank properties and sell them to homeowners. These funds will help capitalize new development groups, while increasing the stock of homeownership in the City of Hartford.
The Land Bank will guide developers along the entire process and will share in their risk to ensure that the groups are successful. Even though this program is free, there will be a refundable $100 deposit for each participant, which will be returned to them upon successful completion of the training. Childcare will be provided for those who need it.
Interested residents can go to HartfordlLandBank.org to access the application.
About Hartford Land Bank:
The Hartford Land Bank identifies and acquires vacant, abandoned, tax-delinquent, and/or distressed properties in the City of Hartford, Connecticut, to steward their rehabilitation and return to productive community assets. Hartford Land Bank, Inc. is a non-profit corporation. For more information, visit hartfordlandbank.org.
