We are raising philanthropic dollars (grants, donations) for predevelopment costs for our Proof of Concept project with Bethel A.M.E. church located in southeast San Diego and for operating capital for YIGBY research and innovation.
Early YIGBY Housing Innovation Investors:
$1.75M is being raised as a loan loss reserve through Self-Help Federal Credit Union. This collateralizes the loan in lieu of church’s corporate guaranty so corpus and sanctuary not at risk.
We are also creatinga certificate of deposit program that is NCUA insured (up to $500K/depositor). The Individual certificates of deposit collectively equal to 100% of borrower’s construction debt ($3.5M for Proof of Concept Project). There is no credit risk associated with project. The investor elects to allocate interest earned to lower the church’s interest rate.
Please contact Amy Denhart at San Diego Grantmakers to learn more.