Page 24 - January-February-2018_GSE_Report

FANNIE MAE AND FREDDIE MAC JJAN.U- AFERBY. 22001188
“Berkeley is struggling to build suf cient affordable housing, especially as federal funds dry up and the new tax bill restricts their nancing capabilities,” said Neighborly Project Manager Garrett Brinker. “An initial community offering presents a unique opportunity to help raise the necessary funds through local investors to build low-cost housing while striving to improve social well-being and equity.”
“Cryptocurrencies enable the city to mitigate some ... potentially detrimental effects and help localize the nancing of crucial social policy initiatives,” said Bartlett. “Blockchain’s bene ts, such as security, ef ciency, transparency, and speed, are not only applicable, but much needed at the government level to deliver better and more streamlined services to the people who need it most.”
Pending proper approvals, the city could launch its “initial community offering” of the Berkeley cryptocurrency by mid-May, according to Neighborly COO Kiran Jain. “Unlike most of the ICOs which deliver coins for a future value or service, these coins will represent a real security issued for a speci c purpose,” he added. (DSNews.com, David Wharton, 02/19/16; News BTC, John McMahon, 02/13/18)
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