The People's Budget
your voice, your choice
We propose the city invests $5 million dollars in a Co-Op Housing project to increase home ownership among BIPOC business owners that have been historically discriminated against and marginalized by gentrification and red lining. These funds could support the purchase of 6-8 houses and provide home ownership for approximately 18-24 people (3 owners per home). This is an investment in a collective housing model that increases homeownership in a city where home ownership is unattainable.
This proposal is being evaluated
Type of funding: Infrastructure (capital)
Rough cost estimate: Between $2 million and $7.2 million
Evaluation notes:
❌ This idea could not be implemented without changing current policy or law.
✅ This idea is within the City's jurisdiction.
✅ This idea doesn't name a specific vendor.
✅ This idea would not incur costs indefinitely.
Justification: Would require more detailed analysis to determine the feasibility of this type of project.
Other notes: The Office of Housing cannot verify the estimated number of units or people that would benefit from this idea. This would require more in-depth analysis to determine if 1) a project of this type is feasible, and 2) if the dollar amount is adquate to achieve such a project.
Thank you for sharing your idea. This idea and its evaluation have been forwarded to the budget delegates. They will use this information to group together similar ideas, narrow down options based on community needs, and develop fully detailed proposals for you and your community to vote on in October 2023.
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