CCWBE Report

During the month of October, The Resurrection Project made progress towards it proposed goals to (1) develop an educational curriculum for coop buyers, and (2) develop a share loan product for individual coop buyers. Activities towards these goals included: we consulted with Upside Down Consulting and LEAF Fund's Mary Wong, senior loan officer and Josh Glickenhouse, director of lending and operations. We also met with Alex Cabral, Innovative finance senior principal of Grounded Solutions Network. We met with a group in Little Village for a listening session regarding their specific needs such as a product that is and ITIN friendly. We had the chance to provide an education presentation to residents of a cooperative housing community about financial education and shared information about limited equity housing cooperatives. To aid in the development of the share loan, we enlisted the help of several individuals/entities, including staff at UHAB who provide share loans in NYC. UHAB will be assisting TRP by sharing loan documents and some of their loan procedures. We also met with Fatima Perez and Bob Dickinson who both have more than 20 years of title experience, including closing share loans, and Frank Binetti, a lender with CIBM mortgage. What we have learned is that there are very few individuals (even within institutions that offer share loans) who have personal experience with them. Kristen Komara had the attended the annual OFN conference in DC earlier in the month. There, she connected with several individuals doing noteworthy work in the coop space, including Ja’Net Defell and Margaret Lund. Margaret developed a share loan product for the Minneapolis market years ago and has agreed to offer support to TRP.

The Resurrection Project has been actively researching and collaborating with various lenders and cooperative professionals to develop a loan product and associated documentation. We have gathered relevant documentation but there is still more to be found. As noted above, a limitation is the limited availability of share loans and individuals who have experience with them. Thankfully, we believe we have connected with knowledgeable individuals who will aid in the development of our product.

1. Housing Cooperatives: The organization met with representatives from two housing cooperatives. This indicates a commitment to working closely with existing cooperative housing communities, to share knowledge and resources. 2. Cooperative Housing Education: During these meetings, The Resurrection Project provided education and information about cooperative housing. This suggests a focus on raising awareness and sharing expertise in this area. 3. Financial Wellness Presentations: In addition to housing education, the organization also delivered presentations on financial wellness. This could include guidance on managing finances, credit, and other aspects of personal financial well-being. 4. Little Village Group: The organization had a meeting with a group from Little Village, which is collaborating with The Resurrection Project's Realty department to identify a building for their own cooperative housing project. This partnership implies support for new cooperative housing initiatives. 5. ITIN Lending Product: The Little Village group shared specific needs, including a request for an Individual Taxpayer Identification Number (ITIN) lending product. ITIN lending is a financial service designed for individuals who may not have a Social Security Number (SSN). This indicates a willingness to adapt financial products to meet the unique needs of the community. 6. The Resurrection Project is engaging with housing cooperatives and community groups to provide education, support, and tailored financial products that meet the unique needs of the community. We met with our colleagues, Peter Dean and Andrew Richer from UHAB, Mark Smithvias, from Sol House to share and direct the research and networking of our resource partners and to provide updates and make connections. 7. OFN Annual Conference: Kristen Komara attended the OFN conference, the leading conference for CDFI professionals. There she connected with other CDFI lenders and professionals working on programs for shared ownership.

Yes

The Resurrection Project has been very proactive in building and nurturing relationships while promoting the concepts of shared equity, community land trusts, housing cooperatives, and their role in community wealth building. 1. Engagement and Education: The organization has actively engaged with various individuals and groups, holding listening sessions and providing education about shared equity, community land trusts, and housing cooperatives. This indicates a commitment to raising awareness and fostering understanding about these concepts. 2. Community Wealth Building: The emphasis on how these housing and cooperative models fit into community wealth building suggests a broader strategy for long-term economic empowerment and improvement in the community. 3. Network of Consultants and Leads: The organization has successfully established a network of consultants and leads across the country. This network consists of experts and individuals who can provide guidance, support, and resources related to the organization's initiatives. 4. Resource Sharing: The organization is actively encouraging resource sharing and facilitating connections among its network members. This collaborative approach allows for the exchange of valuable information and tools. 5. Relationship Nurturing: The Resurrection Project is committed to nurturing these relationships by staying in touch, checking in frequently, and sharing updates. This ongoing communication is essential for maintaining strong, mutually beneficial connections. The Resurrection Project's approach shows a dedication to community building, education, and collaboration with a diverse network of individuals and organizations to further their goals in community wealth building and housing initiatives.

Yes

Camille Kerr, Mark Smithvias, Peter Dean and Andrew Reicher

lending models, networking resources to find a lending product that may already existed. We also discussed procurement, language support needs, and future steps.

Yes

5 extremely useful