GENERAL INFORMATION
What is Invest York Road?
Invest York Road is a non-profit organization created by your neighbors to address the issue of blighted business (commercial) properties along York Road by bringing them into community ownership, fixing them up, and renting them to businesses that we want to see.
How does it work?
Most of us don't have enough money on our own to buy commercial properties, but Invest York Road is developing a way for us to each make small investments that are collected together to make it possible. With many small investments put together we can buy and rehab these properties as a community.
Why is it important?
We are having a hard time building the community we want because many people who own the commercial properties on York Road do not maintain them, or they rent them to businesses that reduce our quality of life. Community ownership of these properties will allow us to take control of the future of our neighborhoods. Also, although returns on investments in Invest York Road are not guaranteed, they will have the potential to grow wealth and income for those who participate.
Who is creating Invest York Road?
This is a project that was started by your neighbors. Members of the community have been working on the project for several years.
Where is this happening?
Invest York Road is looking for properties on York Road between 39th St. in the south to the county line on the north. The project will be run by people with a deep connection to the neighborhoods on both sides of York Road in that area (see map here).
What is the current status of the project?
You can follow progress of the project on the blog on the Invest York Road website here.
Who can participate in working on Invest York Road?
Everyone! This is a volunteer-led project, and we are always looking to have more community members involved. Reach out through our contact page and we can talk in more detail about how to get you involved!
Does this approach work?
Similar projects have happened in other cities around the U.S., but Invest York Road is the first of its kind in Maryland. Of course it is not guaranteed to work, but the model has a track record of success in other communities, and we are building on the experiences of these other projects to customize Invest York Road to our local context and set it up for success. You can read about other similar projects here, here, and here.
How will this improve the corridor?
By putting properties in community hands, fixing them up, and filling them with the kind of businesses that people in the community want to see, Invest York Road will improve the local economy and quality of life in a way that is directly responsive to community needs and desires. Since the community controls Invest York Road, it will always be working in the interests of all area residents.
Will this cause gentrification?
It is usually difficult to point to any one thing as a singular cause of gentrification, but work that improves the quality of life in a place can risk having a gentrifying effect. That being said, we believe that community ownership of resources and assets (like commercial real estate) can serve as a hedge against gentrification. The more of a community’s real estate that locals own, the more likely they are to benefit from an increase in economic activity and property values, and the more resilient they will be against displacement.
Who are the financial classes for and why should I sign up?
They are for everyone! We offer 4 free one-hour classes every month focused on Debt, Savings, Credit, and Investing to help ensure all community members have the financial grounding needed to invest in the project. The classes are designed to be participatory and engaging and are led by community members in partnership with several local banks. You can see the current class schedule and register on our website.
What does volunteering with Invest York Road look like, and what is the time commitment?
There are many opportunities to get involved with Invest York Road, and that can look very different for different people. Whatever skills and time you have to contribute, we will find a place to fit you in. Reach out through our contact page and we can talk in more detail about how to get you involved!
How has this effort been funded to date?
During the startup phase of this project, we have received generous support from the Abell Foundation, the Goldseker Foundation, the United Way, the Marigold Effect, Truist Bank, Fulton Bank, M&T Bank, and the Baltimore Community Foundation’s Baltimore Progress Fund.
CONTROL AND OVERSIGHT
Note: As will be explained in much greater detail when the community investment opportunity is released to the public, this effort has a multi-entity structure that allows us to achieve our goals in the most effective and efficient way possible. In summary, there is a core nonprofit organization that oversees the entire operation, as well as a holding company subsidiary that is fully controlled by the nonprofit, and individual LLCs that are owned by the holding company and possess each individual property. Technically speaking only the nonprofit organization has the name “Invest York Road.” For the below answers, though, "Invest York Road" will be used to refer to all of the multiple entities that will be functioning in concert, since the nonprofit owns and controls all of the other (subsidiary) entities. Again, this will all be explained in greater detail when it comes time for community investment, but if you have any questions about any of that, please feel free to reach out.
Who is running Invest York Road?
A steering committee of community members has been working on this project since 2019. They have done foundational work, extensive community engagement, and are in the process of launching an independent non-profit organization. That organization will be the entity that assumes responsibility for Invest York Road moving forward.
How do decisions get made?
Once Invest York Road is up and running, its board of directors will be responsible for making decisions, and will do so in consultation with community members, investors, and all other stakeholders involved in, or affected by, the project. This involves property selection, choosing tenants, running the organization, and all other aspects of the work.
Who will serve on the board of directors?
After Invest York Road has purchased its first property and brought on community investors, the board will be selected by the organization's members. In order to be a member, a person must be both an investor in Invest York Road and be in the community, meaning they either live, work, or own a business in the service area (see map here). Until the time when there are members to conduct an election, a caretaker board will steward the organization.
How is the board of directors structured?
The board structure requires representation from all parts of the member community (residents, workers, and business owners) and is designed in a way to ensure that there is adequate representation from both sides of the York Road corridor. The board also has a “co-president” model, with one co-president position reserved for a resident living east of York Road, and one for a resident living west of York Road.
What oversight tools are in place to ensure funds are properly allocated?
The investment processes that Invest York Road will use are very heavily regulated and involve a substantial amount of compliance and disclosure requirements. Invest York Road will abide by all of those laws and regulations, as well as those that apply to nonprofits, commercial real estate, and every other regulation applicable to its operations. We are also working to set up internal systems and controls to ensure that our governance and accounting systems are consistent with all legal requirements and best practices. Transparency is one of our key values, and as a community-controlled effort, Invest York Road will forever be accountable to the people it serves, providing a check on any misuse of funds or any other misconduct.
Is this project connected to city or state governments?
We have a great working relationship with both the City of Baltimore and the State of Maryland, but this is an entirely independent community-controlled project. We look forward to collaborating more with local and state governments and agencies to move the project forward.
How is this project related to other organizations in the area?
Invest York Road was incubated under the York Road Partnership, but is being launched as its own independent organization. You may have also heard about the York Corridor Business Improvement District (BID), which is a new taxation district for businesses. The BID has a similar footprint to the IYR service area, but it is a completely separate entity with different objectives.
For more details on Invest York Road governance you can read the bylaws here.
PROPERTIES
Who will purchase the properties and how will we "own" the buildings?
The Invest York Road non-profit organization will purchase the properties through a subsidiary, and community members will invest directly into that subsidiary entity. Community investors will elect and serve on the board of directors running the nonprofit. You can learn more about the process by watching the video here.
How many properties will Invest York Road own?
We don’t have a fixed number. Our goal is to bring as many commercial properties into community ownership as needed to positively transform the corridor and provide real wealth building opportunities to community members.
Are you looking at vacant properties?
We are considering all available options in the service area in order to find properties that have a high potential impact and will be solid investment opportunities for the community.
Are you doing affordable housing?
For now, we are focusing only on commercial (business) properties.
Who will manage the properties that the community buys?
We plan to hire professional property management to oversee the day-to-day management and upkeep of the properties.
What businesses will you have as tenants?
Each property will be evaluated to find the best and most appropriate tenant businesses, but overall we are guided by a mission to provide the community with businesses that improve quality of life for all area residents. We will be guided by what will work in the spaces themselves, input from the community, and the overall principles established in the York Road Corridor Vision & Action Plan.
How do you know you are making good real estate deals?
We are approaching each property with the support of a team of commercial real estate, development, and financial professionals, who will help us carefully evaluate any potential acquisition. We are making sure that we have all needed expertise at our disposal to make informed and well-considered purchase decisions.
How will vacancies be managed?
In the event that a tenant business either closes or moves, we will work diligently to make sure that there is little to no disruption in the occupancy of the space, and therefore rental income. This is of course a possibility, but we will be working in close collaboration with our team of professional industry advisors and property management to select top quality long-term tenants and do everything we can to position them for success.
Will Invest York Road continue to engage the community after the properties are purchased and leased?
Yes! This is a community-run and community-controlled organization, so everything it does will be rooted in community vision, input, work, and accountability. We plan for Invest York Road to purchase multiple properties, so this will be a rolling process that will require ongoing participation, feedback, and effort from the whole community.
FINANCING & INVESTING
Where will the money come from to buy the properties?
The heart of Invest York Road will be the investment that comes from the community itself, but we will also be incorporating loans, grants, and other sources of capital to facilitate property acquisitions.
Are there banks, lenders, or other agencies involved in the financing?
We have a range of partners who are providing financial support as well as strategic help in assembling and managing the capital needed to purchase commercial properties and prepare them for community investment.
Will I make money investing in Invest York Road?
No investment of any kind is risk-free. Every investment includes risk, including Invest York Road. There is no guarantee that you will make money if you invest in Invest York Road, and you could lose the money you invest. We are doing our best, however, to make the most solid financial and strategic decisions possible to ensure that investments in Invest York Road will have a good chance of succeeding. The project’s two main goals are to drive positive redevelopment of the corridor and create a wealth-building opportunity for community investors.
How much can I earn investing in Invest York Road?
Once we get to the stage of the project when there is a concrete investment opportunity, there will be more details to share about the financial model and expected returns on investment. These returns will not be guaranteed, but they will be based on the financial performance of the properties purchased.
Who is allowed to invest?
Everyone! There are no restrictions on who is able to participate as an investor, and we are working to structure the investment opportunity so that the minimum investment amount is as low as we can make it. We want Invest York Road to be as accessible as possible.
How do I get my money back?
In addition to any returns that are paid over the course of the project (for example through annual dividend payments based on the financial performance of the properties under ownership), there will be a process for investors to withdraw their investment if they need their money back. Invest York Road will make an effort to honor those requests, but there is no guarantee that they will be able to be honored or that they will be able to be honored immediately. More details will be included in the terms of the investment offering once it is finalized.
How do I invest?
Once the investment offering is ready and available, we will distribute information on how to make an investment in Invest York Road.
What happens if I invest and then move away?
This is not a problem. The investment opportunities will be open to people who are both inside and outside the community. Everyone can participate. The governance of Invest York Road, however, will be undertaken only by investors who are in the community. So, you need to be an investor who is also in the community to run for, and vote on, the board of directors. If you move out of the community, you will no longer be able to directly participate in the governance, but you will still be an investor and earn financial returns.
Can I sell my shares, give them away, or pass them on as an inheritance?
Under state and federal law, there are some limitations on your ability to transfer your shares to someone else. You should not invest with the intention to sell or transfer your shares. You should only invest if you want to invest for the long term without any immediate intention to sell your shares. If you were to pass away, your shares would pass to your heirs (please consult with an estate planning expert for details). When the investment opportunities are ready for the public, all of the details surrounding these kinds of transactions will be explained clearly.
How will I know my investment is secure?
Invest York Road will be using heavily regulated and approved processes for offering investments. These are systems that require a very high degree of transparency and accountability. Additionally, investments will be processed through secure financial management systems and tracked using professional accounting methods. As noted above, however, all investments are risky. You should not invest more than you can afford to lose.
When will the first investment campaign start?
Once a property has been acquired, we will begin the campaign to offer investments to the community. Evaluation of properties for that first purchase are underway.
How often will there be investment campaigns?
We plan to offer an investment campaign after each property acquisition. The frequency of those purchases will depend on a lot of different factors, such as the availability of properties in the area, the levels of community investment, and the financial performance of the properties.
How much are you planning to raise?
The amount raised in each campaign will depend on the cost of acquiring and fixing up each property. The goal will be to replenish through each investment campaign the amount that was spent on the most recent property purchase.
Have additional questions that are not answered above? Reach out through our contact page so we can add them to this list.
What is Invest York Road?
Invest York Road is a non-profit organization created by your neighbors to address the issue of blighted business (commercial) properties along York Road by bringing them into community ownership, fixing them up, and renting them to businesses that we want to see.
How does it work?
Most of us don't have enough money on our own to buy commercial properties, but Invest York Road is developing a way for us to each make small investments that are collected together to make it possible. With many small investments put together we can buy and rehab these properties as a community.
Why is it important?
We are having a hard time building the community we want because many people who own the commercial properties on York Road do not maintain them, or they rent them to businesses that reduce our quality of life. Community ownership of these properties will allow us to take control of the future of our neighborhoods. Also, although returns on investments in Invest York Road are not guaranteed, they will have the potential to grow wealth and income for those who participate.
Who is creating Invest York Road?
This is a project that was started by your neighbors. Members of the community have been working on the project for several years.
Where is this happening?
Invest York Road is looking for properties on York Road between 39th St. in the south to the county line on the north. The project will be run by people with a deep connection to the neighborhoods on both sides of York Road in that area (see map here).
What is the current status of the project?
You can follow progress of the project on the blog on the Invest York Road website here.
Who can participate in working on Invest York Road?
Everyone! This is a volunteer-led project, and we are always looking to have more community members involved. Reach out through our contact page and we can talk in more detail about how to get you involved!
Does this approach work?
Similar projects have happened in other cities around the U.S., but Invest York Road is the first of its kind in Maryland. Of course it is not guaranteed to work, but the model has a track record of success in other communities, and we are building on the experiences of these other projects to customize Invest York Road to our local context and set it up for success. You can read about other similar projects here, here, and here.
How will this improve the corridor?
By putting properties in community hands, fixing them up, and filling them with the kind of businesses that people in the community want to see, Invest York Road will improve the local economy and quality of life in a way that is directly responsive to community needs and desires. Since the community controls Invest York Road, it will always be working in the interests of all area residents.
Will this cause gentrification?
It is usually difficult to point to any one thing as a singular cause of gentrification, but work that improves the quality of life in a place can risk having a gentrifying effect. That being said, we believe that community ownership of resources and assets (like commercial real estate) can serve as a hedge against gentrification. The more of a community’s real estate that locals own, the more likely they are to benefit from an increase in economic activity and property values, and the more resilient they will be against displacement.
Who are the financial classes for and why should I sign up?
They are for everyone! We offer 4 free one-hour classes every month focused on Debt, Savings, Credit, and Investing to help ensure all community members have the financial grounding needed to invest in the project. The classes are designed to be participatory and engaging and are led by community members in partnership with several local banks. You can see the current class schedule and register on our website.
What does volunteering with Invest York Road look like, and what is the time commitment?
There are many opportunities to get involved with Invest York Road, and that can look very different for different people. Whatever skills and time you have to contribute, we will find a place to fit you in. Reach out through our contact page and we can talk in more detail about how to get you involved!
How has this effort been funded to date?
During the startup phase of this project, we have received generous support from the Abell Foundation, the Goldseker Foundation, the United Way, the Marigold Effect, Truist Bank, Fulton Bank, M&T Bank, and the Baltimore Community Foundation’s Baltimore Progress Fund.
CONTROL AND OVERSIGHT
Note: As will be explained in much greater detail when the community investment opportunity is released to the public, this effort has a multi-entity structure that allows us to achieve our goals in the most effective and efficient way possible. In summary, there is a core nonprofit organization that oversees the entire operation, as well as a holding company subsidiary that is fully controlled by the nonprofit, and individual LLCs that are owned by the holding company and possess each individual property. Technically speaking only the nonprofit organization has the name “Invest York Road.” For the below answers, though, "Invest York Road" will be used to refer to all of the multiple entities that will be functioning in concert, since the nonprofit owns and controls all of the other (subsidiary) entities. Again, this will all be explained in greater detail when it comes time for community investment, but if you have any questions about any of that, please feel free to reach out.
Who is running Invest York Road?
A steering committee of community members has been working on this project since 2019. They have done foundational work, extensive community engagement, and are in the process of launching an independent non-profit organization. That organization will be the entity that assumes responsibility for Invest York Road moving forward.
How do decisions get made?
Once Invest York Road is up and running, its board of directors will be responsible for making decisions, and will do so in consultation with community members, investors, and all other stakeholders involved in, or affected by, the project. This involves property selection, choosing tenants, running the organization, and all other aspects of the work.
Who will serve on the board of directors?
After Invest York Road has purchased its first property and brought on community investors, the board will be selected by the organization's members. In order to be a member, a person must be both an investor in Invest York Road and be in the community, meaning they either live, work, or own a business in the service area (see map here). Until the time when there are members to conduct an election, a caretaker board will steward the organization.
How is the board of directors structured?
The board structure requires representation from all parts of the member community (residents, workers, and business owners) and is designed in a way to ensure that there is adequate representation from both sides of the York Road corridor. The board also has a “co-president” model, with one co-president position reserved for a resident living east of York Road, and one for a resident living west of York Road.
What oversight tools are in place to ensure funds are properly allocated?
The investment processes that Invest York Road will use are very heavily regulated and involve a substantial amount of compliance and disclosure requirements. Invest York Road will abide by all of those laws and regulations, as well as those that apply to nonprofits, commercial real estate, and every other regulation applicable to its operations. We are also working to set up internal systems and controls to ensure that our governance and accounting systems are consistent with all legal requirements and best practices. Transparency is one of our key values, and as a community-controlled effort, Invest York Road will forever be accountable to the people it serves, providing a check on any misuse of funds or any other misconduct.
Is this project connected to city or state governments?
We have a great working relationship with both the City of Baltimore and the State of Maryland, but this is an entirely independent community-controlled project. We look forward to collaborating more with local and state governments and agencies to move the project forward.
How is this project related to other organizations in the area?
Invest York Road was incubated under the York Road Partnership, but is being launched as its own independent organization. You may have also heard about the York Corridor Business Improvement District (BID), which is a new taxation district for businesses. The BID has a similar footprint to the IYR service area, but it is a completely separate entity with different objectives.
For more details on Invest York Road governance you can read the bylaws here.
PROPERTIES
Who will purchase the properties and how will we "own" the buildings?
The Invest York Road non-profit organization will purchase the properties through a subsidiary, and community members will invest directly into that subsidiary entity. Community investors will elect and serve on the board of directors running the nonprofit. You can learn more about the process by watching the video here.
How many properties will Invest York Road own?
We don’t have a fixed number. Our goal is to bring as many commercial properties into community ownership as needed to positively transform the corridor and provide real wealth building opportunities to community members.
Are you looking at vacant properties?
We are considering all available options in the service area in order to find properties that have a high potential impact and will be solid investment opportunities for the community.
Are you doing affordable housing?
For now, we are focusing only on commercial (business) properties.
Who will manage the properties that the community buys?
We plan to hire professional property management to oversee the day-to-day management and upkeep of the properties.
What businesses will you have as tenants?
Each property will be evaluated to find the best and most appropriate tenant businesses, but overall we are guided by a mission to provide the community with businesses that improve quality of life for all area residents. We will be guided by what will work in the spaces themselves, input from the community, and the overall principles established in the York Road Corridor Vision & Action Plan.
How do you know you are making good real estate deals?
We are approaching each property with the support of a team of commercial real estate, development, and financial professionals, who will help us carefully evaluate any potential acquisition. We are making sure that we have all needed expertise at our disposal to make informed and well-considered purchase decisions.
How will vacancies be managed?
In the event that a tenant business either closes or moves, we will work diligently to make sure that there is little to no disruption in the occupancy of the space, and therefore rental income. This is of course a possibility, but we will be working in close collaboration with our team of professional industry advisors and property management to select top quality long-term tenants and do everything we can to position them for success.
Will Invest York Road continue to engage the community after the properties are purchased and leased?
Yes! This is a community-run and community-controlled organization, so everything it does will be rooted in community vision, input, work, and accountability. We plan for Invest York Road to purchase multiple properties, so this will be a rolling process that will require ongoing participation, feedback, and effort from the whole community.
FINANCING & INVESTING
Where will the money come from to buy the properties?
The heart of Invest York Road will be the investment that comes from the community itself, but we will also be incorporating loans, grants, and other sources of capital to facilitate property acquisitions.
Are there banks, lenders, or other agencies involved in the financing?
We have a range of partners who are providing financial support as well as strategic help in assembling and managing the capital needed to purchase commercial properties and prepare them for community investment.
Will I make money investing in Invest York Road?
No investment of any kind is risk-free. Every investment includes risk, including Invest York Road. There is no guarantee that you will make money if you invest in Invest York Road, and you could lose the money you invest. We are doing our best, however, to make the most solid financial and strategic decisions possible to ensure that investments in Invest York Road will have a good chance of succeeding. The project’s two main goals are to drive positive redevelopment of the corridor and create a wealth-building opportunity for community investors.
How much can I earn investing in Invest York Road?
Once we get to the stage of the project when there is a concrete investment opportunity, there will be more details to share about the financial model and expected returns on investment. These returns will not be guaranteed, but they will be based on the financial performance of the properties purchased.
Who is allowed to invest?
Everyone! There are no restrictions on who is able to participate as an investor, and we are working to structure the investment opportunity so that the minimum investment amount is as low as we can make it. We want Invest York Road to be as accessible as possible.
How do I get my money back?
In addition to any returns that are paid over the course of the project (for example through annual dividend payments based on the financial performance of the properties under ownership), there will be a process for investors to withdraw their investment if they need their money back. Invest York Road will make an effort to honor those requests, but there is no guarantee that they will be able to be honored or that they will be able to be honored immediately. More details will be included in the terms of the investment offering once it is finalized.
How do I invest?
Once the investment offering is ready and available, we will distribute information on how to make an investment in Invest York Road.
What happens if I invest and then move away?
This is not a problem. The investment opportunities will be open to people who are both inside and outside the community. Everyone can participate. The governance of Invest York Road, however, will be undertaken only by investors who are in the community. So, you need to be an investor who is also in the community to run for, and vote on, the board of directors. If you move out of the community, you will no longer be able to directly participate in the governance, but you will still be an investor and earn financial returns.
Can I sell my shares, give them away, or pass them on as an inheritance?
Under state and federal law, there are some limitations on your ability to transfer your shares to someone else. You should not invest with the intention to sell or transfer your shares. You should only invest if you want to invest for the long term without any immediate intention to sell your shares. If you were to pass away, your shares would pass to your heirs (please consult with an estate planning expert for details). When the investment opportunities are ready for the public, all of the details surrounding these kinds of transactions will be explained clearly.
How will I know my investment is secure?
Invest York Road will be using heavily regulated and approved processes for offering investments. These are systems that require a very high degree of transparency and accountability. Additionally, investments will be processed through secure financial management systems and tracked using professional accounting methods. As noted above, however, all investments are risky. You should not invest more than you can afford to lose.
When will the first investment campaign start?
Once a property has been acquired, we will begin the campaign to offer investments to the community. Evaluation of properties for that first purchase are underway.
How often will there be investment campaigns?
We plan to offer an investment campaign after each property acquisition. The frequency of those purchases will depend on a lot of different factors, such as the availability of properties in the area, the levels of community investment, and the financial performance of the properties.
How much are you planning to raise?
The amount raised in each campaign will depend on the cost of acquiring and fixing up each property. The goal will be to replenish through each investment campaign the amount that was spent on the most recent property purchase.
Have additional questions that are not answered above? Reach out through our contact page so we can add them to this list.