As a part of our Community-Owned Real Estate (CORE) Program, we have been working with The Center for Community Investment (CCI) to support CORE Ecosystem Stewards, or organizations that provide the expertise, financing support, and relationships needed to make community ownership possible. CCI just released the third installment of its new series, Ecosystem Stewards: Building the Infrastructure for Shared Ownership, a case study of New Economy Project and their role in the New York City ecosystem.
In this case study you'll find our detailed "Deal Profile" on East New York Community Land Trust's first acquisition: a 21-unit apartment building in Cypress Hills/East New York. It's a powerful story of true bottom-up grassroots organizing that evolved into a sophisticated real estate strategy.
In building the capital stack, the CLT and its partners had to manage severable variables – timing, relationships, economic tradeoffs, and persistent organizing. After several rounds of impressive fundraising, the CLT purchased the building, which is now well on its way to rehabilitation and conversion to cooperative ownership.
Read the Case Study here.
