More than 135,000 people of color in the U.S. were displaced because of gentrification between 2000 and 2013 according to a study released by the National Community Reinvestment Coalition (Prince, 2019). In DC alone, 40% of lower-income neighborhoods in the District experienced gentrification during that same time. It has always been Mi Casa’s mission to work against displacement and ensure equitable access to affordable housing for all. That is why we work with limited equity cooperatives (LECs), a community-based, democratically-managed housing system in which residents come together to purchase and manage the building they live in.
Zelealem Tadesse, one of our project managers, brings a wealth of experience working in finance, education, and with communities of color to the table as he works hard to help DC residents form LECs to preserve affordable housing for years to come. “When residents become owners, they avoid displacement,” Zelealem commented, when asked about working with low-income tenants to form LECs. “Most communities feel empowered when they own their building. It is full of challenges, but it is still in their control, and with commitment, education, and hard work, they can successfully manage their building.”
Zelealem began working with Mi Casa as a project financing consultant in July 2016. In December 2016, he became a project manager, and now works to teach new LEC members how to acquire, develop, and sustainably manage their buildings. Originally from Ethiopia, Zelealem brings over 20 years of academic program coordination and financial management experience with him. He has worked at different higher education institutions in Africa and several community-based organizations, including an Ethiopian association in Maryland that highlighted for him the need for more affordable housing, especially for immigrant communities. Zelaelem Tadesse’s background in finance has made him an invaluable member of the Mi Casa family, and he often collaborates with other project managers to assist with financial reviews and training for cooperative board members.
“The offer to join Mi Casa Inc was the right opportunity at the right time. I felt like it was the right time to give back to the community. When I was first involved in a Mi Casa project, we were working in a community that was trying to buy their building and avoid eviction. My first impression was that the residents were owners, no longer tenants. From that moment I started to see that Mi Casa was making a difference in the lives of other people–and I am grateful to be a part of that.”
Work to develop limited equity cooperatives is complex and ongoing: Zelealem currently works with 6 LECs in different phases of development, including pre-development, construction financing, and post-development asset-management. It is important that the cooperative members who may have not previously had any background in finance, housing development, or organizational leadership understand what it takes to make sound decisions about acquiring, renovating, and maintaining their buildings. Each decision requires absorbing a lot of (often new) information, and must be made in a timely manner, and LEC boards must commit time and diligence during each phase of development. “I’m enjoying the challenge and I’m learning a lot,” said Zelealem of his work at Mi Casa. We want to take this moment to recognize Zelealem Tadesse’s hard work and dedication to working with low-income communities to provide quality affordable housing.
