fundrise - gramercy 4

EXCERPT: “For many American millennials, buying a new home in a city like Los Angeles or Washington DC can seem like a pipe dream.  According to a recent survey by Apartment List, 80% of millennials — defined as those born between 1980 and 1995 — say they want to buy a home, but most have less than $1,000 saved a for a down payment. Meanwhile, buying a house in America’s largest cities is more expensive now than ever. A severe housing shortage in LA, for example, has led over 400,000 households to spend more than half their income on housing. Fundrise, a housing management company based in DC, has developed a new investment platform, called the eFund, that aims to alleviate housing costs for young people. It’s sort of like crowdfunding for homes: Prospective homebuyers purchase shares (a minimum investment is 100 shares, currently $10 each), the sum of which funds housing renovations and new developments in their city. These investors then get notified through the “eFund Pool” about finished homes, which are offered at up to a 10% lower price than it would be if they were going through a broker. The eFund’s goal is to construct new housing in popular cities, and help young people find relatively affordable homes,  Ben Miller, co-founder and CEO of Fundrise, told Business Insider.” FULLSTORY: