New Prospect, L3C is the for-profit with the nonprofit soul. It is a for-profit organized to perform a charitable mission which must come before making a profit. A type of LLC, the L3C (Low-Profit Limited Liability Company), is able to bring together a mix of foundations, trusts, DAFs, endowments, pension plans, individuals, corporations, nonprofits, governmental entities and others in order to achieve social objectives while operating according to for-profit metrics. New Prospect L3C is in the business of purchasing homes and leasing them to worthy, moderate income individuals and families, whose credit scores preclude them from becoming homeowners in the traditional housing market. New Prospect, L3C will provide credit and home ownership counseling to their program participants, with the goal to enable them to obtain a mortgage and become the sole owners, of the home they will initially lease.
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