{"id":304,"date":"2015-07-16T18:37:00","date_gmt":"2015-07-16T18:37:00","guid":{"rendered":"https:\/\/informedintel.com\/account\/eminentdomain\/wp-eminentdomain\/2015\/07\/16\/fighting-blight-with-social-impact-bonds-aka-debt\/"},"modified":"2015-07-16T18:37:00","modified_gmt":"2015-07-16T18:37:00","slug":"fighting-blight-with-social-impact-bonds-aka-debt","status":"publish","type":"post","link":"https:\/\/informedintel.com\/account\/eminentdomain\/wp-eminentdomain\/fighting-blight-with-social-impact-bonds-aka-debt\/","title":{"rendered":"Fighting Blight with Social Impact Bonds (AKA Debt)"},"content":{"rendered":"<p>Richmond, California, home to eminent domain for underwater mortgages, is also home to a new bonding mechanism to fight blight.<\/p>\n<p>In 2013, Richmond created &#8220;Richmond Community Foundation&#8221; which uses this bond mechanism for blight:<\/p>\n<ul>\n<li>$3 million of social impact bonds to purchase, rehabilitate and sell blighted properties.<\/li>\n<li>During a four-year revolving period, sale proceeds will mostly go to purchasing new properties; during the final year of the bonds\u2019 five-year life, proceeds will be devoted to repaying principal and interest.<\/li>\n<li>Bonds are issued by Richmond, but not secured by city revenue.<\/li>\n<li>bonds will be sold via private placement to a local bank that is meetings obligations under the Community Reinvestment Act<\/li>\n<\/ul>\n<p>The homes will then swap owners like this:<\/p>\n<ul>\n<li>Homes will be offered to graduates from the Richmond Spark Point Center, a United Way Project.<\/li>\n<\/ul>\n<p><a href=\"http:\/\/www.caeconomy.org\/reporting\/entry\/social-impact-bonds-a-better-way-to-combat-blight\">CaliforniaEconomicSummit.Org<\/a><\/p>\n<p>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Richmond, California, home to eminent domain for underwater mortgages, is also home to a new bonding mechanism to fight blight.<\/p>\n<p>In 2013, Richmond created &#8220;Richmond Community Foundation&#8221; which uses this bond mechanism for blight:<\/p>\n<ul>\n<li>$3 million of social impact bonds to purchase, rehabilitate and sell blighted properties.<\/li>\n<li>During a four-year revolving period, sale proceeds will mostly go to purchasing new properties; during the final year of the bonds\u2019 five-year life, proceeds will be devoted&#8230;<\/li>\n<\/ul>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27,37],"tags":[],"class_list":["post-304","post","type-post","status-publish","format-standard","hentry","category-blight","category-local-government-trend","entry"],"_links":{"self":[{"href":"https:\/\/informedintel.com\/account\/eminentdomain\/wp-eminentdomain\/wp-json\/wp\/v2\/posts\/304","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/informedintel.com\/account\/eminentdomain\/wp-eminentdomain\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/informedintel.com\/account\/eminentdomain\/wp-eminentdomain\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/informedintel.com\/account\/eminentdomain\/wp-eminentdomain\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/informedintel.com\/account\/eminentdomain\/wp-eminentdomain\/wp-json\/wp\/v2\/comments?post=304"}],"version-history":[{"count":0,"href":"https:\/\/informedintel.com\/account\/eminentdomain\/wp-eminentdomain\/wp-json\/wp\/v2\/posts\/304\/revisions"}],"wp:attachment":[{"href":"https:\/\/informedintel.com\/account\/eminentdomain\/wp-eminentdomain\/wp-json\/wp\/v2\/media?parent=304"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/informedintel.com\/account\/eminentdomain\/wp-eminentdomain\/wp-json\/wp\/v2\/categories?post=304"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/informedintel.com\/account\/eminentdomain\/wp-eminentdomain\/wp-json\/wp\/v2\/tags?post=304"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}