The Boston Ujima Project has made 10 investments so far. Most recently, in June, the group’s voting membership approved a $300,000 loan as part of a construction financing package for the Boston Neighborhood Community Land Trust to build a new six-unit affordable condominium on what is currently city-owned land adjacent to one of the land trust’s existing buildings.
It’s Boston Neighborhood Community Land Trust’s first new construction project, and its first project creating homeownership opportunities. It’s also the Boston Ujima Project’s first real estate investment, with the fund committing to more in the future.
With every investment, including this one, the Boston Ujima Project’s voting members have the opportunity to review a credit memo outlining risks and benefits of the potential investment while also digging deep into the finances of a given business or project. Ujima staff prepare the memo and present it to members for discussion and deliberation as part of the voting process.
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