A new type of corporate business model is established under the WBCA, the social purpose corporation–sometimes called a “B-Corp” or benefit corp. An SPC, while subject to all the provisions applicable to other corporations, must be organized to promote a general social purpose that is intended to positively affect certain constituencies. These constituencies must include one or more of:
- the corporation’s employees, suppliers, or customers;
- the local, state, national, or world community; or
- the environment.
In addition, a social purpose corporation may set forth specific social purposes for which the corporation is organized.
PEER Homes was founded to provide residential housing in a manner which benefits all three of the the above constituencies, specifically by sustainably addressing housing inequality faced by marginalized and vulnerable populations.