ALBANY – A new investment trust is designed to offer economically troubled communities in the Capital Region a chance to acquire a small share of ownership in commercial real estate in their neighborhoods.
The Capital Region Community Loan Fund announced on Monday the launch of the Capital Region Community Investment Fund, a partnership between the Loan Fund and the Community Economic Development Clinic at the Faculty of Law. Albany.
The CIT works as follows:
Residents who live in postal codes that will be designated can take a free financial education program, “From Owing to Owning”.
They buy CIT shares for $ 10 to $ 100 per month. Over time, they accumulate equity in local property and earn a minimum annual dividend of 2%; as the investment property is amortized, the dividend increases.
They can decide what kind of business their neighborhood needs and then try to attract it. This can benefit both the community and businesses as the community gets the kind of business they need and the business gets a ready market for their goods or services.
CIT has hired its first employee, Tatiana Melendez, who will serve as the coordinator of the Community Investment Trust and promote the program to residents of Albany.
The partnership is supported by the Geographic Information Systems program at the University of Albany and the Siena Project Incubator at Siena College.
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