This week’s lead articles showcase nonprofits that are facilitating community investment. For example, Baltimore, by tapping into an Affordable Housing Trust Fund created by voters, is now creating community land trusts across the city to provide permanently affordable housing on land held by nonprofits. A piece from the Brookings Institution shows how community land trusts are being developed in struggling neighborhoods in New Orleans. Indianapolis is creating a new loan fund for Black entrepreneurs.
As wonderful as these nonprofit projects are in creatively bringing together public funds, banks, and foundations, they could do more and do it faster if they opened themselves to capital from local investors. Nonprofits are exempt from the Investment Company Act of 1940, which means they can easily set up funds to expand their work. The story below from Berkshire County in Massachusetts offers an important insight. A new real estate company, called Shared Estates, has been formed to help revitalize historic properties and make them available for affordable, short-term rentals. The company is using investment crowdfunding to grow its portfolio. While Shared Estates is for-profit, it easily could be a nonprofit given its mission of historic preservation. So, let’s mash these things up together. In addition to making good business sense, using investment crowdfunding for nonprofit funds could greatly accelerate affordable housing and lending to BIPOC businesses.
Before you read on, check out our growing list of Main Street Champions (now over 35)! Introduce yourself to your local champion and get busy. Or become a champion yourself here.
– Michael Shuman, Publisher of The Main Street Journal
NEWS
Baltimore’s Community Land Trusts Offer a Pathway to Housing Justice, YES! (October 22, 2021)
How A New Orleans Community Land Trust is Providing Permanently Affordable Housing And Supporting Black Entrepreneurs, Brookings Institution (October 22, 2021)
$1 Million Investment Announced For Indiana's First Black-Led Loan Fund, IndyStar (October 21, 2021)
How Shared Estates Makes Real Estate Investing Possible For Everyone, The Berkshire Eagle (October 23, 2021)
FEATURED PARTNER VOICES
Announcing “Ownership America” — A New Organization to Grow Employee Ownership Across The Economy, Fifty by Fifty (October 20, 2021)
A Rescue Plan Built on Community Wealth, Not Corporate Giveaways, Democracy Collaborative (October 22, 2021)
Learn How Crowdfunding Platforms Can Better Serve Small Businesses, Jenny Kassan, (October 18, 2021)
EVENTS
Recruit. Retain. Reward. Retire. – Webinar. Thursday, November 4, 12pm EDT. Project Equity shows how businesses can benefit from transitioning to employee ownership.
New York State CDFI Investor Club – Webinar. Friday, November 5, 12-1pm EDT. This event serves as a marketplace to directly connect New York State investors with CDFI projects.
ICYMI
The Latest In Banking Reform For The People, Next City (October 12, 2021)
Ohio Worker Ownership Network Poised to Scale Employee Ownership Statewide, Fifty by Fifty (October 18, 2021)
A List Of CDFIs Sorted By Region, Business Insider (October 22, 2021)
JOBS BOARD
Mission Driven Finance is Seeking a Full-Time Marketing & Communications Coordinator (can be fully remote)
BECOME A MAIN STREET CHAMPION
Have you always wanted to start a local investment club? A website of local investment offerings in your community? A local investment study group? Whatever your interest or ambition, we invite you to “go public” to help others in your region find you, scheme with you, and start a local investment movement in your community. Our goal is to identify dozens, then hundreds, then thousands of Main Street Champions like you across America. We already have Main Street Champions across the U.S., from San Luis Obispo, CA to Providence, RI, and even Australia! Together, we can move our hard-earned savings from Wall Street back into our communities. Fill out the intake survey below to join this first cohort!
READ OUR PAST ISSUES
Issue #1 – Intro to The Main Street Journal!
Issue #2 – Local climate investments, CDFIs, & agricultural co-ops
Issue #3 – Public banking, a driver-owned Uber, & growth capital
Issue #4 – Plant closure causes disastrous ripple effects on local economy
Issue #5 – Local investing leaders, infrastructure bill, community land trusts
Issue #6 – Microbonds to reverse climate change
Issue #7 - The wonderful world of worker co-ops
Issue #8 - Threats to your self-directed retirement savings
Issue #9 - Local investment opportunity networks (LIONS)
About The Main Street Journal
The Main Street Journal aims to catalyze the movement of $50 trillion from Wall Street to Main Street to facilitate economic development and economic justice. It’s sponsored by the National Coalition for Community Capital, with a grant from the Heron Foundation. We welcome feedback about everything, from our design to content. And we welcome suggestions of other groups to involve as partners, and other information to include. Please send ideas to Sophia Leswing at sophia@main-street-journal.com.
PARTNERS
We welcome any nonprofit or for-profit committed to local investment as a partner. If your organization is interested, please contact Sophia Leswing at sophia@main-street-journal.com.