T
he Real Estate Developers Academy is expanding its program to Hampton Roads, teaming up with the Norfolk and Newport News Redevelopment and Housing Authorities. The initiative aims to combat the housing crisis by training new developers to create a mix of affordable and attainable housing.

    In Nashville, Tennessee, the program has already shown success in teaching developers how to succeed through training, mentorship, and financing. Now, it's being replicated in Norfolk and Newport News with a focus on boosting all types of housing, particularly affordable options.

    According to Nathan Simms, CEO of the Norfolk Redevelopment and Housing Authority, Hampton Roads is in dire need of affordable housing. Norfolk alone requires around 6,000 more units for low-income households. Affordable housing is defined as costing no more than 30% of a household's gross income, including utilities.

    The partnership between the authorities and the Real Estate Developers Academy aims to bring a wide range of housing opportunities to the city by matching community vision with developer expertise. Aron Thompson from the RED Academy said the organization will train new developers to create a thriving market with affordable options for all price ranges.

    The first cohort in Hampton Roads is set to start in January, requiring an 18-to-20-month commitment. The goal is to have all hands on deck to address the housing crisis, as one individual developer cannot solve the problem alone.