Putting our mission into practice ✊🏿
New properties, panels, dividends, jobs, and more!
Our September Surprise: Pippin St!
EB PREC is excited to announce that we're in contract to purchase a 10-unit building in Deep East Oakland! The Pippin St. property, affectionately called Big Pippin, is a prime example of what happens when housing is treated as a commodity.
The building, which primarily houses BIPOC residents who have lived there for 10+ years, has been passed from one absentee investor to another for years. On the day of inspection, we were all very excited about this property. Along with our licensed inspector, the EB PREC crew spent five hours really taking our time to understand the experience of the tenants as we inspected each unit. But as the inspection proceeded, each unit revealed a deep state of disrepair and owner neglect. All in all we surfaced an additional 500k in repairs--all from years of deferred maintenance and corporate neglect.
Despite its challenges, liberating properties like Pippin is at the heart of our mission and why EB PREC was formed and we're excited to begin the process of welcoming Pippin St.'s residents into our cooperative. We're pursuing this property to ensure these units remain permanently affordable and provide a dignified standard of living for its tenants. Pippin St. meets our 2023 residential project goal of acquiring 5-25 unit building, AND is already home to one of our board members and a community owner! We aim to close escrow in mid-October after discussing the property with our stakeholders.
Keep an eye out for our final decision on Pippin and potential community work day announcements! Say it with us: LAND WITHOUT LANDLORDS!!
Meet our Executive Director at the Oakland Public Library on 10/15
On Sunday, October 15, from 2 - 3:30 PM, author Brendan O'Brien and EB PREC's Executive Director, Noni Session will be discussing the impacts of unaffordable housing and potential solutions at the Main Oakland Public Library (125 14th St) to celebrate the release of Brendan O'Briens's new book.
Copies of O'Brien's book Homesick: Why Housing is Unaffordable and How We Can Change It will be available for purchase, with 25% of every copy being donated to EB PREC. Hope to see you there!
Attend our next Community Owner Meeting THIS THURSDAY @ 6PM
We have a packed Community Owner agenda coming up. We'll be sharing project announcements for Pippin St. and Galaxy Grove. In addition, we'll be voting on whether we should acquire the Barn. Community Owners have already received an invitation to attend. If you haven't received the Zoom link, please contact princess@ebprec.org.
Now is a great time to join EB PREC as a Community Owner!Learn More about Community Ownership
DIVIDENDS COMING SOON!
Exciting news! The EB PREC Board is declaring and distributing dividends to our Investor Owners!!! As projected, we're returning dividends at the rate of 1.5% for the year 2022. We'll be making total dividend payments of $17,800 to 173 Investor Members from 2022! Look out for your dividend checks in the mail by the end of the year.
Thank you to all of our Investor Owners (374 strong!) for your support of our work over the years, and a special thank you to those who are waiving their dividends and donating them to EB PREC! We couldn't do this transformative work without you. ❤️
Interested in becoming an Investor Owner?Learn about Investing in EB PREC
Job Opportunities: EB PREC & LISC!
EB PREC looking for a temporary Administrative Associate to provide short-term support to our administrative team! Working closely with the Administrative team, this position will assist with tasks in the realm of administrative, special projects, and maintaining systems. Know anyone who'd be a good fit? Please send them our way! View Full Job Listing Here.*[IMAGE: LISC Logo/Graphic]Image filename: bdc7a40b-f089-0ab7-928d-fc870918f67e.png
Sasha (of Bay Area LISC) is looking for an Assistant Program Officer. One of the main areas in which they would offer support is the 7th Street Thrives Project. Please see job description and how to apply using this link Send it to your people please!
NEW TOOLS FOR COMMUNITY PRESERVATION
Our friends at LISC are hosting a panel at the upcoming NPH conference on Friday, Oct 6th to discuss how we're acquiring and rehabbing buildings that are on the speculative market and pulling them into long term or permanent affordability. Speakers include:
- Cindy Wu, Executive Director, LISC Bay Area (moderator)
- Noni Session, Executive Director, East Bay Permanent Real Estate Cooperative
- Ruby Harris, Senior Director, Capital Solutions & Partnerships, Enterprise Community Partners
- Stephanie Reyes, Housing and Community Development Specialist II, State of CA HCD
- Jazmin Segura, Common Counsel
Preservation is a key strategy to stabilize tenants, prevent displacement, and bring more housing stock into long term and permanent affordability. The field is experimenting with different models of preservation, with approaches differing depending on building size, financing structures, and project sponsor goals and partnerships. Public sector, philanthropy, and intermediaries are launching new programs to provide innovative capital financing and much needed capacity building dollars to support organizations in growing the preservation and community ownership ecosystem.
In this session we’ll explore some of these new programs, map out how they are serving this growing ecosystem, and identify gaps that the community development field can come together on to build. Join our panel of experts in a discussion about the preservation models they are supporting and discuss what our ecosystem needs across the state to support successful preservation at all sizes._
