I was even happier when one of the commenters to the entry, Ian David Moss, pointed out there were people working on that option. Namely, the L3C. In the comments section, Drew asks if anyone has successfully gotten a grant under that status. Moss responds that it lends itself more to attracting social investment and micro loans rather than grants.
I am going to keep an eye on this thread in the hopes that more information about other options emerge. (I am also going to add Non Profit Law Blog where this information originates to my reading list!)
What surprised me most was that the structure was proposed by an individual, Robert Lang, and that by getting Vermont to pass legislation recognizing it, the structure became viable nationwide since people can incorporate in Vermont the same way companies do so in Delaware. How this is all possible is being hashed out on many fora where people are a little wary about how the IRS may react. Thanks to a link on a Fractured Atlas blog post that apparently failed to register with me a year ago, I was able to track down a FAQ on the site of Americans for Community Development who are promoting this format.
I would be rather excited if this were successful because it facilitates the development of other forms of incorporation that might be helpful for activities currently performed by non profits.