- The Echo Park Neighborhood REIT will be structured as a public-benefit corporation and managed for the long term health of the community. Individuals will be able to invest as little as $100 and own a share of the income produced by the real estate portfolio as well as its underlying value.
The tech giant is following Facebook and Google, albeit with a larger pledge, to mitigate the Bay Area's housing affordability crisis.
- Social media giant Facebook became the third tech company this year to commit capital to affordable housing in West Coast cities.
- With its Reconstruct Challenge, Louisville-based Access Ventures, aims to identify approaches to reduce ancillary costs, including transportation and food costs, that can push many families’ total housing costs north of 50% of disposable incomes, founder Bryce Butler told ImpactAlpha.
- Kapor Capital noted that its investment in the firm was based on the company’s potential to provide “well-designed, well-constructed housing” to people “across the entire socioeconomic spectrum.”
- Venn offers a “neighborhood platform” to connect residents to co-living and public spaces, social resources, classes and events.
- Core Innovation Capital led the round, which also included impact investors Enterprise Community Partners, The Impact Engine and Kapor Capital.