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rovidence nonprofit Local Return is launching Jumpstart Rhode Island, a program aimed at training and mentoring aspiring real estate developers. The initiative targets community-minded individuals with less experience in the field, providing them with the basics of real estate development, including property sourcing, due diligence, financing, design and construction, and leasing and selling.

    Local Return's mission is to build community wealth in Rhode Island neighborhoods through community ownership and investment. President Jessica David explained that Jumpstart Rhode Island is part of their efforts to close the opportunity and prosperity gaps in neglected or extracted communities. The program will help build a strong pipeline of potential investments for Local Return's diversified community investment fund.

    The idea for Jumpstart was inspired by a similar program launched in Philadelphia in 2015, which has since expanded to 15 other communities nationwide. Over 2,900 people have graduated from the program, and Local Return is adapting it to Rhode Island with support from the original developers.

    The curriculum will cover seven "Jumpsteps" that guide participants through the development process, including creating a strategy, doing due diligence, and managing construction. Students will also learn financial literacy and construction skills through partnerships with local organizations.

    David emphasized the need for this program in Rhode Island, citing the urgent demand for affordable housing and the importance of neighborhood-based developers in addressing this issue. The program aims to create opportunities for local residents to invest in their neighborhoods, build wealth locally, and promote diversity in real estate development.

    Applications for the first cohort are due by May 19, with training sessions scheduled for June 7, 14, and 21. Providence residents and those with a strong connection to the city are encouraged to apply through Local Return's website.