By Erin Baldassari, The Mercury News
Tia, right, and Chris Taruc-Myers, prepare breakfast at home in Oakland, Calif., on Tuesday, Aug. 20, 2019. The married couple along with other residents in the rent controlled building they live in worked with the East Bay Permanent Real Estate Cooperative to purchase the property, after their landlord decided to sell.
Excerpt: In less than a year, a nascent Oakland organization grew from a small staff with some bright ideas and a website into group that is stewarding two properties for permanently affordable housing, with plans to soon acquire a third.
How did they do it? By relying on a lot of people, a new model for investment and some innovative partnerships. But in turning a novel concept for developing affordable properties into a reality, the East Bay Permanent Real Estate Cooperative joined a growing number of organizations in the Bay Area challenging the status quo of the region’s skyrocketing housing costs.
The cooperative, called East Bay PREC for short, shares the same goals as many housing cooperatives and community and trusts: acquiring and maintaining properties as permanently affordable homes and businesses. But the for-profit company isn’t either a cooperative or a trust. It’s a combination of multiple existing models for investment and ownership all rolled together.
Read the full article here.
(Originally published August 25, 2019.)