Jolenes First Cousin: Difference between revisions

<blockquote>''"Homelessness is an endemic problem in Portland and the numbers are sobering.&nbsp; According to 2017’s Point In Time Count, there are as many as 4,177 people without permanent homes on any given night.&nbsp; Nearly 1,700 of those folks sleep on the street.&nbsp; While there are many contributing factors, skyrocketing residential rent looms large among them.&nbsp; In the last two years alone, rent in Portland has risen twenty times faster than the median income.&nbsp;''<br/> <br/> ''We owe it to our City and to our citizens to find solutions.&nbsp; Enter Jolene’s First Cousin.&nbsp; It’s Guerrilla Development’s way of using our tool kit (real estate, finance and design) to put a dent in Portland’s homelessness problem.&nbsp;''<br/> <br/> ''Jolene’s First Cousin is two two-story buildings on a single lot in the heart of the Creston-Kennilworth neighborhood.&nbsp; It has a total of six units: three retail spaces, two market rate lofts and one containing 11 rooms in a single resident occupancy (SRO) arrangement.&nbsp; The 100-SF SRO rooms will share amenities: fully-outfitted kitchen, living and dining room, private landscaped courtyard, showers, toilets, and laundry facilities.&nbsp; Each room will have its own bed, closet, and sink.&nbsp; SRO renters will secure their spot in Jolene’s First Cousin for $425/mo. The SRO unit is master leased by [https://joinpdx.org/ JOIN]—a homelessness non-profit in Portland with 25 years of experience—who place houseless folks into the project.&nbsp; The SRO residents self-govern, establishing ground rules and operational systems.&nbsp;''<br/> <br/> ''The project is innovative on other fronts as well. We crowd-invested $300,000 of equity in Jolene’s First Cousin thanks to a Rule 504 Exemption of Regulation D (qualified by the State of Oregon) in less than 72 hours. Our offering created an opportunity for Permitted Oregon Purchasers and Accredited Investors an annual 5% preferred return and both the return of their principal and a percentage split of the proceeds of a refinancing event in Year 10. Our goal? To create an opportunity to participate in real estate investment with a tangible social impact. [https://www.locavesting.com/crowdfunding/crowdfunding-guerrilla-style-lessons-from-jolenes-first-cousin/ You can read more about this specific process here].''<br/> <br/> ''Guerrilla won’t stop at Jolene’s First Cousin.&nbsp; There will be Jolene’s Second, and Third, and Fourth... We will nestle these projects into every major neighborhood in Portland.&nbsp; They will bring jobs, beautiful market rate rental apartments, and housing for our homeless population, a handful of rooms at a time."''</blockquote>

*Harbarger, Molly, and Elliot Njus (2019). "Portland banking on low-rent SRO hotels to ease housing problems." The Oregonian, April 27, 2019.&nbsp;[https://www.oregonlive.com/business/2019/04/officials-look-to-sro-hotels-as-model-for-low-income-housing.html https://www.oregonlive.com/business/2019/04/officials-look-to-sro-hotels-as-model-for-low-income-housing.html].<br/> &nbsp;