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Bond financing for Greek housing was a very common thing back in the day...like early 1900s. And bonds were sold only to members of the organization in question. When I was on a task force to look at new ways of funding Greek housing in the 2000s, this was one item we investigated - along with REITs. I remember we had one house that had been a local before we took it over (started in the 1930s) that built their house this thru financing instrument. It's really an excellent idea in some cases.
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