In response, Living Cully—an innovative collaboration between Habitat for Humanity Portland/Metro East, Hacienda Community Development Corporation and Verde—set out to purchase the property and build economic, social and environmental assets for low-income Cully residents.
Over 500 individual donors and businesses helped to purchase the site through a crowdfunding campaign, raising over $60,000 in less than a month. Additional funding for the project was provided by Business Oregon, Craft3, Meyer Memorial Trust, Oregon Community Foundation and Portland Development Commission.
Craft3’s loan to Living Cully supports efforts to redevelop the property into a neighborhood destination that serves Cully’s rich and diverse community.
Living Cully Plaza used Craft3 financing to create positive impacts in its community. This start-up nonprofit is in a high poverty area, leveraged $1.7 million in additional funds and equity and preserved local ownership of $2.5 million of real estate.
Craft3 is an equal opportunity lender and employer.
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