Cooperative Development Institute’s Post

Securing a loan is just the first step for community associations and HOAs tackling large repairs or renovations. Managing the repayment process is an equally important piece of the puzzle. Whether you opt for a construction line of credit or fixed-rate term loan, learn what to consider when planning a smooth repayment process. https://bit.ly/46Zjj3D #CommunityAssociations #HOABanking #HOAManagement

Washington D.C. in the US has the Tenant Opportunity to Purchase Act (TOPA), which gives tenant organizations the right to make the first offer on their buildings when its gone up for sale. However exorbitant real estate costs, a lack of city investment and the difficulty of getting tenants to reach a consensus have all stunted TOPA’s revolutionary potential. Northwest D.C.’s The Baldwin House Community Collective, an affordable housing co-operative and a mutual aid hub, was one of the first to utilise TOPA successfully by purchasing a 6 home building by raising $1.4 million in zero-interest loans, as well as a $2.2 million loan from the Local Initiatives Support Corporation. You can learn more here: https://cstu.io/995b11 #HousingCooperative #CooperativeHousing #TheFutureOfHousing

Palm Beach County is expected to offer property-tax backed municipal bonds to finance low-interest loans for developers building affordable and workforce housing. The deal, slated to price on Tuesday, is part of a larger $200 million package voters approved in 2022 to respond to one of the most acute housing crises in the US. The county is asking investors for $95 million to make sure teachers, firefighters and garbage men have a place to live. Proceeds raised from the bond deal will be doled out to projects pitched by developers to county leadership, passing through several rounds of approval. Nonprofits can win a 0% interest loan while for-profit developers will pay between 1% and 3% interest. Palm Beach is now home to 59 billionaires, 71,000 millionaires, enough to fill a NFL stadium. Wealthy transplants mean housing costs have nearly doubled. Regular residents also have to compete for space with vacation rentals like Airbnb Inc. It all adds up to rents so high that entry-level teachers often qualify for affordable housing. An income up to $137,620 can qualify for subsidized housing. A shortage of service workers hurts not only the ultra rich but also the dozens of companies that migrated to Palm Beach over recent years. #wealthmigration #southflorida

Gov. Janet Mills proposed creating a $5 million fund to help residents of manufactured home parks purchase their communities when they go up for sale, as part of proposed state budget changes. The fund will help to protect residents from being pushed out of their homes or having their rents increase to unaffordable levels when a park changes ownership. CDI’s New England Resident-Owned Communities (NEROC) Program, in partnership with Genesis Community Loan Fund, has been in talks with the Governor’s Office for several weeks to advocate for these funds, including CDI's Executive Director Pam Zagorski who will be testifying on Monday, on behalf of NEROC, to support the budget allocation. Thanks to Maine's new Offer to Purchase Law, since December, residents of four mobile home parks in Maine – totaling more than 1,000 households – have been notified by their park’s owner of an intent to sell, according to the Governor's office. CDI’s NEROC Program’s advocacy helped organize residents and legislators to create the Offer to Purchase law that went into effect in October 2023. Under the Offer to Purchase law, once residents learn of the park owner's intent to sell, they have 60 days to make a purchase offer and 90 day to secure financing after the signing of the purchase and sale agreement. Gov. Mills' proposed fund will provide low or no-interest financing to entities, such as resident cooperatives, to complement other financing options to support mobile home park purchases in Maine. Read more here: https://buff.ly/3TIhUIo #residentownedcommunities #affordablehousing #manufacturedhomes

🏘️ State and local governments across the country are addressing the lack of affordable housing in their communities with innovative housing projects. We took a look at three counties and three states to see how money from the State and Local Fiscal Recovery Fund is helping these communities reach their affordable housing goals: https://lnkd.in/dfyuymx7

Back in May, I moderated a panel discussion on behalf of the St. Louis chapter of the American Planning Association to discuss revolving loan programs with leaders from Detroit, Cincinnati and Dallas/Grow America (formerly NDC). Here is a link to watch the panel discussion: https://lnkd.in/gYf7nvFn One misconception about revolving loan programs is that the these funds are strictly designed to provide loans to developers or corporate interests. That is often not the model followed by leading cities like the ones mentioned above. The model varies for each city, and St. Louis is free to mimic another city, or create their own model, but in Cincinnati, for example, they created a civic entity called 3CDC who manages the fund, and lends money to their own redevelopment projects. A similar example for St. Louis would be if the city-managed St. Louis Development Corporation (SLDC) had a loan fund, went into targeted areas, acquired and redeveloped properties, serving as a catalyst for other developers to develop around the area, thus kicking off a wave of growth. Detroit, Dallas and others have other programs, some focused on entrepreneurs and small businesses, some focused on housing, and other cities have revolving loan funds where they pay for things like utility upgrades, but they loan the money to the utility and require repayment with interest from the proceeds of utility bills. One of the most important factors in any revolving loan program, however, is creating leverage. In Cincinnati, they attracted private capital into that fund managed by 3CDC, with at least half of the fund consisting of private capital (all contributed by corporations with headquarters in Cincinnati, who are vested in the future of the city). Raising a total of $200 million, they then recycled it in loan after loan, leading to a total of over $600 million in loans in 20 years, which resulted in more than $1.7 billion in development, raising millions of dollars of additional taxes annually, which then helps the city to provide needed services to the entire city. The entire reason why I suggested a revolving loan fund is because even though $250 million is a large sum of money, it is only a fraction of what the City of St. Louis needs to change its trajectory to one of growth from its historic pattern of decline. Thus, if we are going to turn this city around, we need to multiply our resources by using capital to attract more capital. If we simply spend the money on some other use, no matter how great or important it is, once that money is gone, it is gone, and we will no longer have it as a lifeline to help generate growth for generations to come. #StLouis #revolvingloanfund #economicdevelopment #bestpractices Tishaura Jones L. Jared Boyd Neal Richardson, MBA Cristina Garmendia Shane Cohn Bret Narayan Shameem Clark Hubbard Michael Browning Rasheen Aldridge Jr Pam Boyd Daniela Velázquez Tom Oldenburg Cara Spencer

Real Estate Law 101: Federal Housing Administration (FHA) - A federal agency that insures first mortgage lenders against loss when a loan is made following FHA regulations. The FHA does not lend money; it only insures the loan. The FHA also certifies nonprofit housing counselors..

Was your business affected due to the collapse of the Key Bridge? Gov. Wes Moore has provided a few business and employee relief programs to support the economic recovery as Baltimore and Maryland rebuilds. Port of Baltimore Emergency Business Assistance Program (Applications Open 4/22): Provides grants up to $100,000 to eligible businesses which have had operations impacted or shipments disrupted at the Port of Baltimore. https://lnkd.in/e8hJig_J Neighborhood BusinessWorks Loans and Grants (Applications Open 4/22): The Small Business Grants Program will offer grants up to $50,000 to small/main street level businesses within a five mile radius of the Key Bridge and the Business Loan Program will offer loans up to $500,000 to businesses impacted by the Key Bridge collapse or reduction in Port activity statewide. https://lnkd.in/eXwKgdXh Port of Baltimore Worker Retention (Applications Open Now): Entities eligible for up to $200,000 in grant funding include businesses which employ up to 500 workers, unions, trade associations, and organizations that have seen operations hindered by or completely halted due to the Port slowdown. Up to $7,500 can be spent per worker on wages or other support. https://lnkd.in/eQSgAmBz #baltimorebusinesses #keybridge #recovery #baltimorefunding

Close to 6,000 Massachusetts homeowners who were seriously delinquent on their mortgages received assistance from MHP through the Massachusetts Homeowner Assistance Fund (Mass HAF) program. The federally funded program was launched to help homeowners impacted by COVID-19 with the goal of preventing foreclosures and preserving homeownership. See more details about the program here bit.ly/40uNUor and in our infographic. https://bit.ly/4g5FLfc Kelly Guenther Elliot Schmiedl Dana LeWinter Commonwealth of Massachusetts Massachusetts Division of Banks Way Finders NeighborWorks Housing Solutions MassHousing Credit.org Lawrence CommunityWorks, Inc. NOAH (Neighborhood of Affordable Housing) NEWVUE AFFORDABLE HOUSING CORPORATION URBAN EDGE Housing Assistance Corporation Berkshire County Regional Housing

Private money loans – the ultimate tool for real estate ventures! As a private money lender dedicated to community revitalization, we're committed to fostering positive change and breathing new life into small towns and neighborhoods. Join us in our mission to build stronger, thriving communities together! #Mbracellc #HardMoney #HardMoneyLoans #RealEstateInvesting #RealEstate #FixAndFlip #privatemoneyloans #PrivateMoneyLender