NE Community Real Estate Acquisition and Development Cooperative

This co-op will be neighborhood residents who pool their investment funds and collectively purchase and management rental properties in Northeast Minneapolis. This co-op will have a limited number of shares, and will require an equity investment of at least $10,000 over four years.

 

Needed to start this Co-op:

  • Incorporation as a cooperative in the State of MN Election of board of directors

  • Definition of mission statement and Ends policies for the co-op – is it to provide affordable housing, the acquire and turnaround “problem” properties, to focus on a specific geographic area

  • Set up banking – all equity investment must be electronic;

  • Identify Co-op Manager who will locate and assess prospective properties, and eventually be property manager

  • Recruit shareholders, holding funds in escrow until sufficient share-holders have committed to co-op

 

Benefits the Community:

  • Reduction in number of absentee landlords in community

  • Increased equity in community by neighborhood residents

  • Improved housing stock, better maintained properties

  • Increased community involvement from tenants and landlords

 

Interested?

Contact Amy 612-843-5401