Twin Cities Grassroots Movement Keeps Properties in Hands of Community
For Co-optober, the Minnesota Coalition for Community-Owned Real Estate announces its launch as a community resource and movement convener of real estate cooperatives, nonprofit partners, and other allied organizations.
Since 2020, a new Twin Cities grassroots movement of residents and business owners have started working together to keep local real estate owned by the neighborhood through real estate cooperatives. In September, East Side Community Investment Cooperative purchased its first property, making it the eighth real estate co-op operating in the metro area—more than any other metro in the United States.
The Benefits of a Coalition
The Minnesota Coalition for Community-Owned Real Estate (MC-CORE) is a collaborative network of real estate cooperatives, nonprofits, community organizations, and industry experts—including Nexus Community Partners*—working together to build the foundation for a thriving community-ownership ecosystem.
By pooling resources, expertise, and relationships, MC-CORE supports the development and growth of community-owned real estate through three interconnected strategies: (1) Funding & Capital Access, (2) Public Policy & Ecosystem Building, and (3) Shared Services for Stronger Operations.
The Real Estate Cooperative Model
This movement is building a unique type of shared real estate ownership. These enterprises are majority-owned and controlled by local residents or businesses. Each co-owner, or member, is entitled to a vote in the governance of the entity and a share of the economic benefits generated by its operations.
Communities are using co-ops to reclaim commercial and mixed-use real estate from speculators and predatory landlords. The goal is to end the cycle of wealth extraction and strengthen circular local economies.
The Next Phase of Growth
MC-CORE and its members are beginning a campaign to increase awareness and involvement in community ownership. Through the coalition, residents can find their local real estate cooperative or get technical assistance in starting their own. Together, Minnesotans will continue to expand shared ownership, inspiring communities around the country to implement their own neighbor-led movements.
*With support from the McKnight Foundation, the Shared Ownership Center @ Nexus convened real estate cooperators, nonprofit partners, and industry experts to strategize on how to best move this unique body of work forward. From these conversations and connections, MC-CORE was realized as a congregator for real estate cooperatives and allied partners.
To learn more about MC-CORE and the organizations invested in community-owned real estate, visit MC-CORE.org. For photos and studies illustrating the power of community ownership, go to our PRESS KIT.