Warren Buffett Helps Launch Nonprofit IPO For Oma Village Marin County Homeless Organization Raises Funds for Family Housing
SAN RAFAEL, Calif., May 8, 2013 /PRNewswire/ -- Homeward Bound of Marin, the primary provider of residential and support services for homeless individuals and families in Marin County, today launched a 'nonprofit IPO' with renowned investor Warren Buffett buying the first share.
Rather than an "Initial Public Offering" of shares in a for-profit company, this IPO represents an "Immediate Public Opportunity … to end homelessness." Up to 15,000 "fundraising shares" have been made available at $50 each.
Proceeds will finance construction of Oma Village at 5394 Nave Drive in Novato, Calif., an innovative complex of 14 modern, green rental homes for families transitioning out of homelessness. Homeward Bound already has raised $3 million of the expected $5 million development cost.
Release of the shares coincides with Affordable Housing Week (May 4-11, 2013) in Marin County, a place that consistently tops the National Low-Income Housing Coalition's list for most expensive rental housing in the country.
Mr. Buffett, who has already committed the bulk of his fortune to five foundations, agreed to kick off the Oma Village IPO campaign to raise awareness of this opportunity to create a new model for affordable family housing for the future.
The Oma Village development is being designed by Blu Homes, an innovative manufacturer of energy-efficient, precision-engineered homes and creator of the 2012 Sunset Magazine Idea House in Healdsburg, Calif.
"This IPO offers the chance for people, groups or businesses to invest at the same level as Mr. Buffett," says Mary Kay Sweeney, executive director of Homeward Bound. "Like most of his investments, this one will have significant long-lasting value and lead the way into the future re-imagining affordable housing."
Investors can follow Warren Buffett's lead by purchasing shares online at www.razoo.com/story/Homeward-Bound-Of-Marin-Non-Profit-IPO or by calling (415) 382-3363.
Every IPO investor will receive a share certificate, an Annual Shareholder Report and an invitation to the exclusive Annual Shareholder Meeting.
Homeward Bound of Marin pioneered the "nonprofit IPO" as a fundraising technique while building the Next Key Center, an affordable housing and job training campus that opened in 2008 in Novato, Calif. Mr. Buffett also bought the inaugural share of that issue, which raised more than $1 million.
Homeward Bound has also helped several other nonprofits launch fundraising IPO's. The Canadian Women's Foundation's Girls Growth Fund and Florida's Take Stock in Children both took advice from Homeward Bound and raised over $500,000 by utilizing this concept.
For more information about the Oma Village Nonprofit IPO visit
For more information about Homeward Bound of Marin visit www.hbofm.org
For more information about Blu Homes visit www.bluhomes.com
SOURCE Homeward Bound of Marin