The Community Loan Fund of the Capital Region has successfully purchased 153 S. Pearl Street, Albany, NY 12202, to serve as the primary location for the Capital Region Community Investment Trust. The Community Investment Trust will serve as a low-dollar, loss protected investment opportunity for residents residing within Albany’s South End Neighborhood. Originally founded in Portland, Oregon; the trust is based around the concept of building assets for residents in economically distressed areas. Through this model, residents will be able to invest between $10.00 and $100.00 per month into the building at 153 S. Pearl Street and ultimately serve as owners of the building over time. Similarly, investors in the building will collect a minimum 2% dividend yearly to protect their investment.
“This state-of-the-art project will serve as a catalyst for those within the South End neighborhood seeking affordable investment opportunities within their own community.” said Linda MacFarlane, Executive Director of the Community Loan Fund. “The Community Loan Fund has always been committed to enhancing positive socioeconomic growth for minority and women owned businesses as well as the communities they serve and this project at 153 S. Pearl Street will certainly accomplish that.”
Free trainings and workshops will be available through the “Owing to Owning” course offered by the Community Loan Fund to equip investors in the project with the tools needed to become owners of the property. The Capital Region Community Investment Trust is a partnership between the Community Loan Fund of the Capital Region and the Community Economic Development Clinic at Albany Law School. The partnership also relies on assistance from the University of Albany Geographic Information Systems program, as well as the Siena College Project Incubator (SpIN).