I'm thinking about creating a CDC... Sounds crazy, right?

2 Replies

I don't even know wherein to post this on BiggerPockets but this forum seems like the most pertinent. I'm worried about the downtown area wherein I live, I'm involved civically but it's not enough, because the "powers that be" can't seem to get their acts together. The downtown area is a complete disaster. I don't want to run for local office. I would like to crowdfund, with no promises of any financial returns, to be clear. I would however like to give something back in return, like an annual party or something of the sort, for individuals and businesses who donate. Maybe some advertising... I feel like I have the right background for this. Is a Community Development Corporation (CDC) the right way to go? What about a REIT? What about another type of business entity? I've already reached out to the Massachusetts Association of Community Development Corporations and am waiting for a reply. My goal, to be clear, isn't to make money with this venture but to help the community wherein I live. Is there anybody here on BiggerPockets with a background in this type of work? Let me know. Thanks.

Jonathan Bowen, Real Estate Agent in MA (#9042372), MA (#CS-063385), and RI (#REB.0016497)
617-HUB-EDGE

What are your goals here? Improve the downtown area in general (signage, green space, general design)? Impact policy/zoning (is it walkable, commutable, etc and how do you lobby and create areas that attract developers to do this) or to actually purchase/rehab and attract local or specific types of businesses?

Depending on the goals it may influence your approach. This is definitely not my wheelhouse but fascinating by the attempt and by happy to help if feasible. 

What town is this if you don’t mind sharing?

-Dave

@Dave W I appreciate the help. The entity will have to eventually buy real estate in order to generate sustainable income and, most importantly, show that it’s invested. Helping the neighborhood with beautification efforts is also a secondary goal. Helping the community become more cohesive is another secondary goal.

Jonathan Bowen, Real Estate Agent in MA (#9042372), MA (#CS-063385), and RI (#REB.0016497)
617-HUB-EDGE

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