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SD Residents get to own a piece of their neighborhood

Residents of the Diamond Neighborhoods in Southeastern San Diego will soon be making history as investors in the first community development initial public
offering in the United States. KPBS Reporter Ed Joyce has more.

The IPO is the result of a long-term partnership between area residents and the Jacobs Center for Neighborhood Innovation.

What once was a rundown industrial area has been transformed into a commercial and cultural center called Market Creek Plaza. And now, 450 qualified neighborhood residents will have a chance to own a percentage of it.

The President of the Jacobs Center for Neighborhood Innovation is Jennifer Vanica. She says the unique offering is a way to recycle profits back into the neighborhood.

Vanica: This one is structured so that you don't have to meet the really high income and assets tests that you would normally have with an IPO or a public offering and it really gives that priority to residents.

Vanica also says the IPO allows the neighborhood more control over future development. Ed Joyce, KPBS News.

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