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.

Interesting! Thanks for sharing!

(For context as this thread may seem a bit disjointed to other readers, my original post was about variable interest rates on housing construction bonds; Titchouo was responding to my OP which was deleted by a mod.)