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Update on our community mortgage alternative to a bank loan
We're fundraising for a community-backed alternative to a bank loan, and are almost there.
Spring is here in Washington DC and we’re energized by all that is possible. We are in the final stretch for bringing in funds for the Community Fund. We are doing it – in only one month, we’ve successfully brought in almost half of what we need to finance this building purchase from neighbors and friends of Baldwin House. We are building an alternative to bank financing to create truly affordable housing, all led and financed by community!
However, we are operating on a wildly tight timeline and we need an additional $1 million in Letters of Intent within the next week in order to move forward. What does this mean? We’re seeking people with access to big money to loan funds to this effort – either through Donor Advised Funds or direct loans from accredited investors. The FAQ about this effort is here, and details on participating are below.
Please fill out the interest form ASAP if you’re interested in participating in the community fund.
Or, forward this to a friend who may have money to loan to this effort.
This is our biggest deadline. If we don’t have Letters of Intent by April 10, we may not be able to show proof we have financing and the whole deal falls apart.
Want to learn more about how to participate in the community fund? Read more below and then fill out this interest form.
Spring in the Baldwin House community:
Boe Luther, urban farmer and future co-op member of Baldwin House, is dreaming up how to convert the slab of asphalt surrounding Baldwin House into a thriving community garden. Natacia Knapper, talented community organizer and future co-op member, is plotting beautiful community events for the space. Exciting efforts are developing!
Details on participating in the Community Fund
For complete information, see our FAQ.
We need to bring in a total of $2.7 million in donations, loans, and recoverable grants from Donor Advised Funds. We are seeking pledges by April 10th, and seeking funds to be transferred by May 1, 2023.
1) Community Mortgage
Recommended minimum of $50,000*
You must be an accredited investor
0% interest with a lump sum repayment at year 5
2) Recoverable Grants via a Donor Advised Fund (a simple, tax-advantageous charitable investment account)
Recommended minimum amount for a recoverable grant is $50,000*
If you do not already have a Donor Advised Fund (DAF), we will help you create one
0% interest with expected payback within 5 years
For donations under $1,000, please visit givebutter.com/baldwinhouse
For donations over $1,000, please donate through Baldwin House donation information
Please fill out this interest form for the Baldwin House organizers to get in touch.
*please reach out if you're interested in participating at an amount below $50k. We want to hear from you!
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