Neighborhood real estate investment trust launched in March 2020 with three rent-stabilized properties in Los Angeles’ Echo Park neighborhood. Shares were available to anyone starting at $100 per share. Wound down after 1.5 years because operators "do not believe the business is sustainable at its current scale." At the time of the share buyback, NICO had 347 investors.

Sources and Additional Reading:

https://mynico.com/wp-content/uploads/2021/11/Nico-Echo-Park-Preliminary-Learnings-from-the-first-Neighborhood-REIT-1.pdf

Information updated 10/2023

Market Creek Partner refers to this community ownership model as "Community Development IPO" in which investors have to be within certain geographic boundaries. Resident ownership of the plaza is through the ownership of Market Creek Partners, LLC. The LLC owns the plaza and another nearby parcel. The residents together invested a total of $500,000 and own 20% of the company. The Jacobs Center (the nonprofit behind the project) owns 60 percent of the company, and the Neighborhood Unity Foundation (led by residents) owns the remaining 20 percent. Jacobs Center plans to retire its shares so it would be completely owned by residents and the Unity Foundation. The SEC's rule for IPO would have prohibited the geographically restricted IPO approach; this is why MCP only offered shares for 500 or less shareholders to be exempt from following the SEC rule. Instead of the SEC rule, MCP complies with the CA Dept of Corporations' rule.

Sources and Additional Reading:

https://ssir.org/articles/entry/the_peoples_ipo

https://core.ac.uk/download/pdf/32452078.pdf

Information updated 10/2023

Launched in 2018, focusing on acquiring and managing commercial properties in Little Tokyo in Los Angeles to provide affordable spaces for community serving and legacy businesses. Intending to work with legacy business owners that own their properties to transition the ownership under LTCIF. $1k class A and $5k class B member shares.

Information updated 10/2023

Located at Plaza 122, a 29,000-square-foot mid-century commercial retail mall in outer Southeast Portland with approximately 26 to 30 businesses and nonprofit tenants. Three hundred to 500 Portland and Gresham residents within four zip codes (97216, 97233, 97230, 97236) can follow a long-term path to collective ownership of this building in their neighborhood for as little as $10 and up to $100 per month.

Sources and Additional Reading:

https://investcit.com/Community/Detail/1

Information updated 10/2023

Feasibility study to replicate the original community investment trust in Portland by Mercy Corp, the Colorado Springs CIT will allow residents in two zip codes to invest between $10 and $100 per month into the CIT and ultimately become the owners of the development led by Solid Rock CDC. A minimum 2% dividend yearly is provided to the community investors.

Sources and Additional Reading:

https://files.height.app/b354bf34-2d2b-4338-b23f-93008698e8e3/8zmwM6YENVgXmu4Z6juM4/Colorado_Springs_CIT_Feasibility_Study_with_Appendices_1_.pdf

https://www.solidrockcdc.com/community-investment-trust/jetwing-property

Information updated 10/2023

Replicating the original community investment trust in Portland by Mercy Corp, the Capital Region CIT project site is located at 153 S. Pearl Street, Albany. Residents in specific zip codes can invest between $10 and $100 per month into the building and ultimately become the owners. A minimum 2% dividend yearly is provided to the community investors.

Information updated 10/2023

Two charitable loan funds (debt funds) focus on Massachusetts and the Northeast and invest in entrepreneurs of color leading social enterprises (both for-profit and nonprofit organizations) that build financial, social, and political power for communities of color. The second loan fund (the first one is fully deployed) will also invest in community-owned and controlled real estate (35% of the portfolio mix) that prevents displacement. The first community real estate investment was made to East Boston Neighborhood Trust. The deal includes an integrated capital stack that combines debt, equity, and grants from public and private investors, including subordinated loans from BII and philanthropic institutions, to mobilize close to $50 million.

Sources and Additional Reading:

https://docsend.com/view/e3hq4rxdb6eusm3t

Information updated 10/2023

Auxiliary Cord LLC purchased a 16,500-square-foot warehouse located at 2223 Washington Street in Evanston, IL 60202. They plan to fully renovate the building, converting it into a commercial hub (The “Aux”) for Black-owned small businesses and organizations that focus on community wellness. 100% of ownership to investors and 100% net operating income to investors. One investment one vote.

Sources and Additional Reading:

https://www.smallchange.co/projects/The-Aux-Evanston

Information updated 10/2023

VREC member-owners can earn up to a 6 % annual return on their investment, depending on profits. Renters receive a small refund when there is a profit after paying shareholder dividends. $ 1000 per member share. VERC's first property at 331 N Winooski Ave houses a nonprofit and is located on community-owned land through Champlain Housing Trust.

Sources and Additional Reading:

https://www.sevendaysvt.com/vermont/longtime-co-op-creator-matt-cropp-turns-his-attention-to-the-housing-crisis/Content?oid=36672660

https://property.burlingtonvt.gov/Details/?id=11304

Information updated 10/2023

Real estate investment cooperative Incorporated in March 2023, affiliated with Creative Enterprise Zone (a community-based nonprofit in the St. Anthony Park neighborhood). $1000 member share, raised more than $300k. Focus on underutilized commercial-industrial properties in the Creative Enterprise Zone district “that house, or could house, small businesses making creative things that can’t be made in an office space" like "leather makers, bookbinders, woodworking, ceramics and more." One of the first focus properties is the Prior Works building.

Sources and Additional Reading:

https://finance-commerce.com/2023/09/real-estate-co-ops-a-growing-commercial-real-estate-trend/

https://www.twincities.com/2023/08/29/want-to-buy-a-commercial-building-taproot-seeks-community-investors-for-home-of-can-can-wonderland-hour-car/

Information updated 10/2023

Inspired by NorthEast Investment Cooperative and started in 2015, with a $10 membership fee, has more than 500 members. Focus on real estate located in New York City with programming proposed in the property supporting culture, small business, cooperation, and community benefit and benefiting populations that have traditionally had barriers to accessing stable places to assemble and do their work. Self-described as an "organizing tool attached to a financing and asset management platform"

Sources and Additional Reading:

https://media.carolinewoolard.com/texts/Crains_New_York_.pdf

https://carolinewoolard.com/system/nyc-real-estate-investment-cooperative/

https://youtu.be/UCzHh2CXrsI?si=jmNJqfPNCCWW7NDW&t=2034

Information updated 10/2023

Community-centered development multi-stakeholder coop democratically run and led by People of Color. EB PREC removes land and housing from the speculative market to create permanently affordable, community-controlled homes. Four types of owners are staff, resident, community, and investor owners. Took advantage of new CA law (AB816) which allows the coop to directly raise funds from individuals in CA up to $1000 per person.

Sources and Additional Reading:

https://peopleseconomy.org/east-bay-permanent-real-estate-cooperative/

Information updated 10/2023

A community real estate investment coop that's open for anyone in Minnesota to join and targets properties in the Hamline Midway neighborhood. Started selling $100 Class A membership shares in June 2023, additional shares can be purchased but each member gets one vote regardless of the amount of shares held. The coop's mission is "to make long-term, stabilizing, and transformative investments for the mutual benefit of our member-owners and our community."

Information updated 10/2023

The Northeast Investment Cooperative is an investment coop that leverages member-owners' investments to purchase and rejuvenate stressed and poorly utilized residential and commercial properties in Northeast Minneapolis, with an emphasis on the Central and Lowry Avenue corridors. NEIC's structure allows any Minnesota resident to join the coop for $1,000 and invest more by purchasing different classes of non-voting stock. NEIC owns two properties (1601 37th Ave NE & 2506 Central Ave NE). It has 282 members in 2021.

Sources and Additional Reading:

https://ilsr.org/do-it-yourselves-downtown-investment-cooperative-model/

https://static1.squarespace.com/static/55206cffe4b0566549cd76bb/t/63acf10eee069b26997a3ff5/1672278293030/NEIC+2021+Annual+Report.pdf

https://www.neic.coop/1601-37th-ave

https://www.neic.coop/2506-central

Information updated 10/2023

NICE, located and focusing in North Minneapolis, is working with Twin Cities Land Bank to acquire two properties (3445 and 3449 Penn) with the plan to acquire two additional buildings located on the same block. NICE plans to work with a community land trust for the land trust to own and hold the land where NICE's properties will be located. Membership share is $50, and those with more funds can buy additional non-voting shares.

Information updated 10/2023