Wednesday, October 29, 2014
HIPS Headed to Fundrise Property at 906 H Street
916 H Street when it held a pop-up gallery for Mumbo Sauce
The harm-reduction based non-profit HIPS has held many fundraisers along H Street over the years, so it comes as no surprise that they would choose to relocate over our way. They just signed a five year $120,000 (annually) lease for 906 H Street. One notable thing about 906 H Street is that it was actually acquired in 2013 using money crowdfunded by 355 individual investors under Fundrise.
Here's some information about HIPS from their website:
HIPS promotes the health, rights, and dignity of individuals and communities impacted by sexual exchange and/or drug use due to choice, coercion, or circumstance. HIPS provides compassionate harm reduction services, advocacy, and community engagement that is respectful, non-judgmental, and affirms and honors individual power and agency.
We believe that those engaged in sex work, sex trade, and drug use should be able to live healthy, self-determined, and self-sufficient lives free from stigma, violence, criminalization or oppression. We will achieve this through engaging sex workers, drug users and our communities in challenging structural barriers to health, safety, and prosperity.
Here is more on 906 H Street and the lease (from a Fundrise press release):
The acquisition of 906 H Street NE was publicly crowdfunded through Fundrise in 2013 by 355 individual investors from Washington, DC and Virginia who invested anywhere from $100 to $10,000. They are projected to receive a 7 percent gross annual return on their seven-year equity investment.
“WestMill’s rental agreement with HIPS demonstrates the positive effect crowdfunding can have on a project. The tenant became interested in the property after speaking with members of the local community who had invested in the offering,” explained Ben Miller, Co-Founder and CEO of Fundrise and Managing Partner of WestMill Capital.