LOS ANGELES – The nation’s only comprehensive, minority real estate development training program aimed at revitalizing inner-city neighborhoods plans to use a gift from University of Southern California Lusk Center Chairman Stan Ross and his wife Marilyn to offer more programs and expand nationwide. The USC Stan and Marilyn Ross Minority Program in Real Estate will teach business professionals the fundamental skills needed to develop affordable housing, retail, mixed-use, offices, and community facilities in underserved communities. Students enrolled in the program -- established in 1992 at the Marshall School of Business and now administered by the USC Lusk Center for Real Estate (www.usc.edu/lusk) -- hold undergraduate or graduate degrees, but wish to significantly enhance their education and career skills in real estate finance and development.
The program was founded on the belief that training minorities in real estate development is essential to the economic growth and self-determination of any community. “It presents a unique opportunity to increase diversity among future leaders in the real estate industry while developing struggling communities,” said Ross, one of several instructors for the intense, two-week course that was formerly known as the Summer Program in Real Estate (SPIRE).
The program’s graduates have backgrounds in real estate brokerage, finance, law, architecture, engineering, commercial development, home building, government and non-profit community-based organizations. Alumni have built affordable housing in several states, redeveloped neglected neighborhoods, helped first-time homebuyers obtain mortgages and brought shopping centers to underserved areas.
“Our graduates continue to make significant contributions to their communities, and we hope to leverage that success by expanding the course,” said program co-founder David Dale-Johnson, Ph.D. “We’ll serve as a resource for lenders, investors and community-based developers looking for skilled professionals who can complete much-needed projects.”
According to Lusk Center director Stuart Gabriel, Ph.D., “The program will draw upon USC’s academic resources and extensive industry connections to expose students to a network of professionals that is every bit as important as the classroom instruction.”
Preliminary plans call for the Lusk Center to formalize relationships with leaders from national professional organizations, public agencies and the community development industry to build program resources and recruit qualified students from around the country.