Open Access is an initiative created by advocates in the New Markets Tax Credits (NMTC) industry to increase diverse representation in community development finance, with a focus on Black & Latinx communities.
THE CHALLENGE
The community development industry concentrates much of its efforts in minority communities across America, yet within the industry there is gross underrepresentation by Black and Latinx professionals, at all levels. Organizations working in these communities, therefore, may lack the proper cultural lens to understand how to best serve those communities. Further, in an industry that relies on career mentorship to advance, Black and Latinx professionals have lacked onboarding and promotional opportunities in this marketplace. Simply, many do not know what potential career opportunities exist or how to access them.
OUR PILLARS
Education
Fellows completed three Novogradac & Company sponsored courses in NMTCs, LIHTCs, and either HTCs, RETCs, or OZs, to earn a certificate. Fellows were also granted access to attend a Novogradac industry conference.
Fellows completed the Financial Modeling in Excel course. Several course offerings are made available to the cohort, including a CDFI and NMTC financial underwriting courses among others.
Job Training
160 hours of paid job placements with partnering lenders, investors, CDEs, syndicators, consultants, and other industry service providers (virtual or in-person).
Placement opportunities represented the New Market Tax Credits, Affordable Housing, and other community development-focused financing industries.
Placements were for a minimum of three months.
Mentorship
Networking events including panel discussions, fireside chats, and office hour presentations with industry experts and thought leaders.
Fellow Networking Competition encouraged fellows to network amongst themselves and others in the industry.
Ongoing opportunities to stay in contact with Fellows from previous cohorts and network at Tax Credit Conference sponsored by Novogradac.
THE OPPORTUNITY
Provide access for diverse professionals to be trained for careers in the community development industry by:
- Partnering with Project REAP to source top tier candidates
- Providing access to curriculum through trainings, webinars and conference attendance sponsored by Novogradac
- Offering paid internships with industry participants (commitment of 160 hours over up to 3 month)
- Mentoring trained professionals for career growth opportunities
THE OBJECTIVES
- To offer a certification program that will serve as a credential for access to career opportunities in the community development industry
- To increase the representation of Black & Latinx professionals at all levels, including (but not limited to) accounting, legal, finance, consultancy, and development
- To lead by example and exhibit best practices within an industry that is dedicated to improving the lives of under resourced and underrepresented communities nationwide
- Create a replicable model for other sectors in community development
ELIGIBILITY
- Applicants must have a 4-year degree (or current graduating senior) from an accredited institution
- Applicants must demonstrate an interest in community development finance
There is no fee to participate. Open Access has sole responsibility in the screening and selection of accepted fellows.
