Raising $310 Million to Transform Affordable Housing
Gina Merritt, founder of Northern Real Estate Urban Ventures (NREUV), has achieved an extraordinary milestone. Over the past two years, she has raised $310 million to fund affordable housing projects, including $124 million in 2023 alone. Her company now manages 17 projects across Ohio, Maryland, and Washington, D.C., providing 1,200 affordable housing units equipped with amenities like workforce development and healthcare services.
This remarkable accomplishment positions Merritt as a trailblazer in an industry traditionally dominated by white males. She is among less than 5% of real estate developers who are people of color—a statistic she’s determined to change.
Overcoming a Male-Dominated Industry
Merritt’s journey wasn’t easy. She began her career building projects for white enterprises because she couldn’t secure funding for her own developments. Raised in affordable housing in the Bronx as a single mother, she had to fight for recognition as an expert in her field.
The tragic murder of George Floyd in 2020 marked a turning point for Merritt. Financial institutions and government agencies became more willing to support minority-led initiatives, opening doors that were previously closed. “We do very complex multi-layered financing real estate transactions,” she explained, highlighting her firm’s expertise in attracting capital despite challenges.
A Visionary Approach to Affordable Housing
NREUV’s projects reflect Merritt’s commitment to community-driven development. For example, Mary’s House for Older Adults in Washington, D.C., is the first communal housing in the nation for LGBTQ+ seniors. Another project, 9410 Hough in Cleveland, is a $47 million redevelopment aimed at supporting families earning 60% of the area’s median income.
Merritt’s vision extends beyond housing. Many of her projects integrate education, training, and healthcare services, creating spaces that empower communities. She has also set an ambitious goal to manage $1 billion in assets by 2034.
Empowering Black Women Entrepreneurs
Merritt is not only building homes but also inspiring other Black women entrepreneurs. She offers practical advice for those seeking to secure funding.
“Keep your books clean and accurate,” she advises. “Even if you use QuickBooks, consult a CPA to present your best financial picture.” She also emphasizes the importance of a strong corporate capability statement and urges entrepreneurs to identify and leverage their unique strengths.
“Investors need to see that you’re exceptional at something—that’s what will drive your success,” Merritt says.
A Legacy of Innovation
Merritt’s firm reported a 659% revenue growth rate over three years, ranking No. 730 on Inc.’s list of fastest-growing private companies in the U.S. Her company has also launched NREUV Contracting and Mechanical, which installs HVAC systems for construction projects. In its first year, the venture secured $8 million in contracts.
Despite her achievements, Merritt continues to face obstacles, including raising $2 million for her economic empowerment platform, WFL Collective. Yet, her determination remains unwavering.
“Philanthropy needs to recognize our innovative work, even though the platform is less than three years old,” she asserts.
Building a Brighter Future
From overcoming systemic barriers to reshaping communities, Gina Merritt exemplifies resilience and innovation. Her journey is a beacon of hope for aspiring Black women entrepreneurs, proving that with persistence and strategy, barriers can be broken.
