The City wants your ideas.
Specifically, on how low-income households and households of color can build wealth through collective ownership of neighborhood assets such as homes, businesses and land.
On Wednesday, the City’s Department of Housing Preservation and Development (HPD), the Economic Development Corporation (NYCEDC), and the Department of Consumer and Worker Protection (DCWP) put out a joint Request for Information on the issue of Shared Equity.
Shared Equity is another name for shared ownership or co-ownership.
It might look like community members pooling their money to buy an asset, and sharing in its profits in losses, rent-to-own models, public land trusts, green economy models, community land trusts, worker cooperatives and more.