New Orleans residents will receive a $10 credit to invest in commercial real estate using the new investing app
NEW ORLEANS, Aug. 11, 2022 /PRNewswire/ --, the Coinbase of real estate, announced today that it has partnered with Forward Together New Orleans, The Mayor's Fund (FTNO) and The Greater New Orleans Housing Alliance (GNOHA) to promote economic inclusion through real estate investing in local developments. FTNO will provide a grant to fund credits that 2,000 local residents can use to invest in commercial real estate using the Rhove app.
Rhove's mission is to expand access and opportunity for everyone to invest in and own the places they live, work, and play. In May, Rhove received qualification from the U.S. Securities and Exchange Commission (SEC) and is launching its revolutionary platform that enables anyone to invest in real estate for as little as $1 per share.
"Historically, commercial real estate investing has only been accessible to wealthy individuals and institutions," said Calvin Cooper, Founder and CEO of Rhove. "As we grapple with rising inflation and our growing housing crisis, we realize that it is now more important than ever to provide access to investment opportunities that help people save money and build wealth. When cranes go up in our cities, everyone should be able to view that as an opportunity to benefit financially. It's time for a more inclusive development model—one where no one is excluded from the value of investing in their community."
The FTNO grant is an expansion of the FTNO Universal Basic Investment Credit (UBIC) program. The objective of the UBIC is to implement strategies that expand intergenerational wealth creation and alleviate disparities that have contributed to wealth gaps.
"The people of New Orleans want and deserve more dynamic opportunities to participate in ownership of local real estate developments in their neighborhoods and should not be limited to the role of passive observer." said Shaun Randolph, Executive Director of Forward Together New Orleans. "The Mayor's Fund is in the business of piloting innovative and novel concepts like this partnership with Rhove as part of our 2022 inclusive economic development effort and we are excited to help New Orleans become the first City in the country to roll out such a comprehensive community ownership initiative. "
To expand access and opportunity for New Orleanians, Rhove and FTNO partnered with GNOHA to select 1,000 recipients for the grant, including seniors, veterans, low-wage workers, low-income families, and those with disabilities. These recipients were invited to invest in commercial real estate with Rhove and received technology assistance from GNOHA.
"This is more than a financial incentive for New Orleanians—it's a multifaceted investment opportunity," said Andreanecia Morris, Executive Director of HousingNOLA. "By breaking down the social and economic barriers that prevented residents from investing in these kinds of opportunities in the past, we are opening new doors for our community. We are excited to continue working to discover how we can create additional opportunities for New Orleanians to invest back into their communities."
The 2,000 New Orleans residents who sign up will automatically receive a $5 credit to invest in commercial real estate when they create their account and an additional $5 to invest from Rhove. $5 of the total $10 investment credit can immediately be used on any property listed in the Rhove app. The remaining $5 can be used to invest in local developments once Rhove lists a property located in New Orleans. Credits will not be redeemable for cash and residents must invest a minimum of $1."
We're actively in conversation with property owners in New Orleans so we can create an opportunity for residents to invest in their community," said Cooper. "To us, this is more than a financial imperative—it's about citizenship and social responsibility. We believe everyone should have the opportunity to invest directly in their communities, and we're excited to pave the way for a new democratized era of real estate investment and development. This is just the beginning."
Built by Tokr Labs, Rhove is real estate investing for everyone. Founded with the goal of democratizing real estate investing, Rhove is empowering everyday people to invest in and own the places in which they live, work, and play for as little as $1 per share. Together, with investors and property owners, Rhove is building community and creating a new era of open finance for real estate investing. For more information, download the Rhove iOS app or visit their website.
About Forward Together New Orleans, The Mayor's Fund
Forward Together New Orleans (FTNO) is a 501(c)(3) organization that launched in 2018 to make New Orleans a fairer, more inclusive city for all. The objective of FTNO is to collaborate with each mayoral administration and move New Orleans forward for generations to come.
About The Greater New Orleans Housing Alliance
The Greater New Orleans Housing Alliance (GNOHA) is a collaborative of non-profit housing builders and community development corporations working to rebuild the housing stock available in the city of New Orleans after Hurricane Katrina devastated the city's infrastructure. Since its creation in 2007, GNOHA has sought to create change in the Greater New Orleans community through public policy advocacy and public education. The collaborative advocates for the preservation and production of affordable housing for people within the Greater New Orleans metropolitan region and places a special emphasis on the needs of the most vulnerable in society - seniors, people with disabilities, veterans, low-wage workers and low-income families.
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