Democratize the housing finance system by enabling Public Banking and community funding models
East Bay Permanent Real Estate Cooperative; Source: ebprec.org
Democratize the housing finance system by enabling Public Banking and community funding models such as Permanent Real Estate Co-operatives, Community Initial Public Offerings (IPOs), and other collective platforms
For example:
- Models like The East Bay Permanent Real Estate Cooperative (EBPREC) are an innovative new form of community ownership of real estate. Through a combination of gift capital and investments of up to $1000 each from local residents, EB PREC purchases properties in Oakland and the East Bay. The people who already live there get to stay and build equity and are trained on how to manage it cooperatively, without any landlords. Residents, investors, community members, and EB PREC staff then co-own and co-steward the property. (Source: https://ebprec.org/what-we-do). This was partially made possible by the passage of a new law that increased California cooperative corporations’ securities exemption, allowing them to raise capital by selling membership shares for up to $1,000 each. (Source: https://www.theselc.org/prec_pilot)
