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.
NYC REIC is a New York State Not for Profit Corporation. You can see our Certificate of Incorporation here and current bylaws here. NYC REIC will sponsor limited liability companies to collect funds and provide financing to create long-term affordable community-controlled space for cooperative enterprise, art, culture and organizing.
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.
As of December 2017, we have approval from the New York State Attorney General Real Estate Bureau to collect money from members and use it for real estate investment. Read more about investing here.
Do you know a place we should work together to secure for community use? Suggest a project here.