We are working together to secure permanently affordable space for civic, cultural, and cooperative use in NYC. We are incubating a NYC Real Estate Investment Cooperative (NYC REIC) that leverages the political power and patient investments of members to stabilize neighborhoods and build an inclusive, resilient city.
Since our first member meeting in May 2015, we have attained a membership of over 500 people, banked over $4,000 at the Brooklyn Cooperative Federal Credit Union, elected a governing body that is now the Board of Directors and developed a business plan, investment finance model and draft criteria to help us prioritize projects that most fit our goals and values.
In December 2017, our Not for Profit Corporation got approval from the New York State Attorney General Real Estate Bureau to collect money from members for real estate investment. We do this by sponsoring limited liability companies (LLCs) to collect funds and provide financing to long-term affordable, community-controlled spaces for cooperative enterprises, art, culture and organizing. Read more about investing here.
Do you know a place we should work together to secure for community use? Suggest a project here. The next step would be to share about it at a membership meeting.