By Mark StierMark StierThe Redfin Real Estate Crowdfunding Project (RECP) is offering a $1 million deposit for a one-bedroom property in San Francisco.
The $1.3 million project is a partnership between Redfin, a real estate firm, and the city of San Francisco, with a goal of raising $50 million to build a home in the San Francisco Bay Area.
The project is funded with funds from Redfin and the US Department of Housing and Urban Development.
The Redfins are using a $7.5 million matching grant from the Federal Housing Finance Agency, which funds urban development.
Redfin is working with the city on a master plan and plans to make the property affordable.
The city of Oakland, California, also has a plan in place for a similar project.
The city plans to offer a $500,000 deposit on a single-family home in San Jose, California.
The home will be built in partnership with Redfin.
Oakland’s plan will be the first to have a homeowner equity loan guarantee.
Oaklands will also offer a new “living incentive” to homeowners.
The incentive will be based on the value of the home, but the amount will vary depending on the size of the deposit.
The project is the first major financing effort by Redfin to target low- and moderate-income neighborhoods.
Redfin, a subsidiary of Redfin Group, has previously invested in affordable housing projects in New York City, Miami and Dallas.
Redfin says it is targeting this project because it is “the largest financing initiative of its kind in the US.”
Redfin has pledged $250 million for affordable housing, with the aim of $250 billion over the next 20 years.
Redfins partners have said they hope to raise another $500 million by the end of the year.