Real-estate developers as a class have a less than stellar reputation across much of the United States. You generally don’t become a villainous Hollywood archetype by accident, and it’s small-wonder given the countless stories of harmful gentrification where members of marginalized communities are pushed out to make way for a more profitable type of resident. However, many areas left behind by our unequal economic system are in need of some kind of revitalization. The question remains, then: can development be done right? For a new perspective on the issue, Renegade Capital turns to long-time, Virginia-based developer David McCormack on his approach to the practice that attempts to prioritize playing to community strengths.

About Dave.

With roots in the music world, David McCormack is president of Waukeshaw Development, Inc., a leader in historic tax credit development in many challenging markets across Southside Virginia. He specializes in reuse and revitalization projects, including, the revitalization of a six-block neighborhood in Petersburg, Virginia; the repurposing of historic schools in many Virginia towns and counties, including Bedford, Cape Charles, and Roanoke; and numerous historic warehouses across the state. In the course of his work, David reevaluates the communities and people that have been left behind by mainstream capital, seeking to develop areas by leveraging their pre-existing strengths. Renegade Capital is thankful to David for taking the time to share his strategies for building a community’s wealth with our audience.

Renegade Capital Tips

A renegade not only listens but acts. We've consolidated a few tips from this episode to help you support local communities.

1. Support local real estate developers who are uplifting smaller communities: Developers need your help when presenting before your local city or county council. If they are proposing a development project that will help your community, either attend the meeting to voice your approval or send a letter of support to the council.
2. Place your cash in a community bank or credit union: One of the easiest ways you can support communities is by moving your money to a community bank or credit union. The institution uses these funds to provide fair loans and financial services to underestimated communities.
3. Contact your elected officials about historic tax credits: Tax credits encourage real estate development in smaller communities. Contact your elected representatives to let them know you support these tax credits because they can support groups often overlooked and underserved.

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