A new real estate cooperative in St. Paul has received a $125,000 grant to acquire its first property, marking a step forward in the city’s push to expand community ownership models.
The South Como Community Investment Cooperative used the funding to help purchase a mixed-use building at 978 Front Ave., which includes two residential units and space for future neighborhood businesses.
The grant comes from the LOCAL Fund: Community Ownership program, a partnership between Nexus Community Partners and the city’s Office of Financial Empowerment.
City officials say the initiative is designed to keep wealth and decision-making within local communities by supporting cooperative ownership of real estate and businesses.
The South Como co-op is part of a growing movement in the Twin Cities, which now has one of the highest concentrations of real estate cooperatives in the country.
Organizers say the model helps counter rising rents and absentee ownership by allowing residents to collectively invest in and manage neighborhood properties.
The LOCAL Fund includes $2.5 million to support both real estate and worker-owned cooperatives, with additional grants and technical assistance available.
Supporters say the approach can stabilize neighborhoods, create local jobs and ensure that economic benefits remain in St. Paul.More information: nexuscp.org/shared-ownership-center
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