Housing & Growth
Council Chambers, Room 300
Agenda — 6 items
- 1 AGENDA
- 1 ROLL CALL
- 2 Also in attendance were Charles Martinez, Assistant City Solicitor and Katherine Keough-Jurs, Director of City Planning.
- 1. REPORT, dated 1/4/2024, submitted Sheryl M. M. Long, City Manager, regarding the City Plans for a New Disparity Study. (Reference Document #202302220).
- 2. MOTION, submitted by Vice Mayor Kearney and Councilmember Johnson, WE MOVE for a report within sixty (60) days on establishing a Community Investment Trust (CIT) program in Cincinnati, including feasibility, costs, and steps for implementation. Portland, Oregon established its CIT program in 2015. The mission of the CIT “Learn-Invest-Profit” program is to move investors from “owing to owning.” Residents of the building and of the surrounding communities, especially low to moderate income residents, are encouraged to be investors. Each investor invests a small dollar amount ($10-$100) every month into the building in which they are living. As time passes, the investors buy more shares in the building as the building value appreciates and the loan amount decreases. The investors pay expenses for the property. They receive an annual dividend when there is a profit. There is also a provision, a Letter of Credit, to protect the investors from losses. Investors may cash out at any time. Being an investor requires residency in the building or the surrounding community (as defined by zip codes), and participation in financial literacy classes. (STATEMENT ATTACHED)
- 5 ADJOURNMENT
Watch Cincinnati
This is one agenda. Cincinnati publishes another every few weeks, and the thing you care about is rarely on the one you happened to find. Name it and we will email you when it appears.
Free for 14 days, no card — and nothing charges itself: at day 14 the emails simply stop unless you choose to subscribe ($19 a month). One email when something matches, and nothing else. Unsubscribe from any of them. Searching stays free — it is public record.