Financing Smart Growth
Great smart growth developments start with a vision and good planning, but to build the actual project local governments, real estate developers and community members must secure the necessary capital funding. Innovative ways to finance smart growth projects was one of the main topics discussed at the June 2014 LOCUS Leadership Summit in Washington, DC where members of Smart Growth America’s Local Leaders Council and the LOCUS developers’ network met to talk about what it takes to bring a smart growth vision into reality.
Ben Miller, cofounder of Fundrise, believes that the real estate investment system is set up for very large investors and makes it nearly impossible for smaller investors to support local projects. “What if we squared the circle and let the community become both a capital resource and a partner in our real estate projects, so they would have some skin in the game?” posits Miller.