East Bay Permanent Real Estate Cooperative
EB PREC enables Oakland community members to cooperatively own and govern local properties so as to (1) take properties off the speculative market, (2) fight gentrification, and (3) maintain their cultural identity that is under threat from their displacement. EB PREC is the first real estate cooperative that qualified for a national Direct Public Offering (DPO), which allows local community members to invest in and own equity shares in culturally significant properties that will be purchased through this capital campaign, making cooperative-owners and investor-owners one and the same. These efforts are significant in supporting Black Oaklanders’ cultural identity. AmbitioUS is providing a one-year expenditure responsibility grant to support EB PREC with its cooperative structure benefitting African American communities in Oakland, CA.