to Launch Second NextGenNow Cohort
For the second consecutive year, Cinnaire is partnering with the Detroit Public Schools Community District (DPSCD) to offer a six-week paid internship program to 20 Detroit high school students through Project Destined, a social impact program empowering the next generation of real estate owners and developers.
An estimated 100 million Americans lack financial or investment literacy contributing to a 30-40% wealth gap at retirement. Project Destined provides project-based training grounded in ownership, access, and financial health. The 40-hour program offers urban youth the knowledge and skills to become engaged and active participants in the communities in which they live, work, and play. The program seeks to expand local developer capacity and train participants how to build and grow wealth within their communities. By collaborating with local corporations, schools, and nonprofits, Project Destined trains students in the fundamentals of commercial real estate with the goal of increasing the number of diverse owners and leaders in the commercial real estate industry. The program aligns with Cinnaire’s commitment to supporting equitable development by providing Detroiters with the fundamental skills, knowledge, and support they need to transform neighborhoods.
“One in three people lack financial or investment literacy. We’re on a mission to change that, starting in underserved neighborhoods,” said Sherita Smith, Cinnaire’s VP Community Development in Detroit. “Cinnaire is committed to advancing equitable development and expanding opportunity in disinvested communities to foster community-driven revitalization. Our NextGenNow initiative in partnership with Project Destined helps us advance our mission to support and build local community development capacity to ensure Detroiters are equitably engaged in city building.”
Starting this month, 20 students in 11th and 12th grade will work with Cinnaire’s Detroit team to learn the basics of real estate, business, investment, and management. Student teams composed of five students and one Project Destined Program Manager will participate in immersive sessions to teach them how to analyze live deals in partnership with experienced architects, contractors, bankers, and developers. For their participation, interns will earn $12 per hour, and compete in a “Shark Tank” style pitch competition on June 17th where three Cinnaire staff members will serve as judges and award a grand prize.
About Cinnaire
Cinnaire is a non-profit financial partner that supports community and economic revitalization initiatives through creative investments, loans, and development services. Since 1993, Cinnaire has invested $4.7 billion to develop 811 housing communities in 10 states, providing 49,700 affordable apartment homes for more than 100,000 individuals and families, and has provided community development loans to support the creation/retention of more than 187,000 square feet of commercial, mixed-use, and community space. In its mission to change lives and transform neighborhoods into thriving communities, Cinnaire has helped to create or retain over 76,000 jobs and spurt $7.9 billion in economic impact. www.cinnaire.com
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