Today is a big day for cityLAB’s Tiny House. Our funding is finally in place. Well, almost….
Let me explain.
The Urban Redevelopment Authority has approved a key piece of funding. That funding, along with grants from the BGC, Neighborhood Allies and IKEA Pittsburgh, frees us up to begin construction once the land is purchased. It is a huge step forward in this process.
So, what’s missing? About $100,000 is missing!
Typically a bank would finance the majority of a construction loan. But since the Garfield Tiny House is the first tiny house to be built in Pittsburgh, there are no comparables, and since there are no comparables, there is no established market. This is a problem for most banks. But it poses a challenge we are prepared to meet – and add another first to our list of firsts.
Say hello to Small Change, one of a new breed of equity crowdfunding platforms. Small Change will launch in a few short weeks with a crowdfunding campaign for the Tiny House. We’ll invite friends, family and YOU* to invest, have an ownership stake in and help build the Tiny House.
Your small change will help make real change.
*You’ll need to be an accredited investor to invest in the Tiny House. Look for unaccredited investment opportunities in the future.