Season 242 Episode 8267

S1 E80 - Revitalizing Communities : The Power of Diversified Community Investment Funds : Chris Mil

"Chris Miller Shares Insights on How Diversified Community Investment Funds Empower Local Economic Growth and Resilience http://s4g.biz/14may24 AI Episode Summary 1. The episode features Devin Thorpe hosting Chris Miller from the National Coalition for Community Capital, focusing on diversified community investment funds, a key tool for community builders. 2. Chris Miller describes his dual role working for a leading observatory telescope manufacturer and dedicating half his week to advancing community capital with NC3, a movement borne from economic development challenges in Michigan during the Great Recession. 3. Miller discusses the initial logical and philosophical discussions around investment crowdfunding at NC3's inception, highlighting its importance in enabling non-accredited investors to invest locally and contribute to community well-being. 4. The episode explores the limitations of charitable loan funds in community investment, pointing out their restrictions on investment returns and their charitable purpose constraints, which make them unsuitable for broader community wealth-building efforts. 5. Diversified community investment funds are introduced as a solution that allows for pooled resources to be reinvested locally, with a primary focus on real estate investments and the flexibility to support various local businesses and projects. 6. The structure and legal underpinnings of creating such funds are elaborated, with an emphasis on staying compliant with the Investment Company Act of 1940 by primarily investing in real estate while also supporting other community ventures. 7. Chris Miller shares examples of piloted funds in Detroit and Cincinnati, aiming to rejuvenate neighborhoods through coordinated efforts involving local nonprofits, faith-based institutions, and innovative building projects to stimulate economic and community development. 8. The conversation addresses the process of raising capital under regulation crowdfunding for these funds, detailing the strategic use of exemptions under the Investment Company Act that allow for raising money from non-accredited investors. 9. Upcoming engagements and opportunities to learn more about diversified community investment funds are mentioned, including Chris Miller's speaking event at SuperCrowdChicago and other informational resources available through NC3. 10. The episode wraps up with a discussion on the potential impact of these investment funds on community revitalization, wealth building, and the importance of capital recirculation within local economies for sustainable development. http://superpowers4good.com "