The Best of Three Worlds

7/28/2019 The Best of Three Worlds

1/6communityrenewal.ca/renouveaucommunautaire.ca

The Best of Three Worlds

By Michael Lewis and Pat Conaty

Mutual Home Ownership combines housing affordability with equity and fairness

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Community Land Trusts (CLTs)

LILAC hopes to have 20 homes and a common house

complete by mid-2012, integrating co-operative community

with ecological design and long-term affordability. The .7

hectares, the site of demolished primary school, offer plenty

of heat and light for homes that minimize carbon emissions

by means of a prefabricated strawbale building system,

Modcell. Artists sketch courtesy of White Design.

2011 dec 15 1
http://communityrenewal.ca/http://www.lilac.coop/http://www.lilac.coop/http://www.lilac.coop/http://www.lilac.coop/http://www.lilac.coop/http://www.lilac.coop/http://www.lilac.coop/http://www.lilac.coop/http://www.lilac.coop/http://www.lilac.coop/http://www.lilac.coop/http://www.lilac.coop/http://communityrenewal.ca/http://www.lilac.coop/


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Ownership Co-operatives

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The Garden City of Letchworth

Garden Cities were to separate residential from

industrial areas, feature many trees and open spac

and be surrounded by belts of agricultural land.

Payments for community services (rates) plus lease

payments (rents) would create revenue for the co-

operative and returns for its members. At Letchwo

(left), cottage building competitions provided a ven

experiments with pre-fabrication, home garden plo

and new building materials. Photocredit: Kingsway

Photo Series. Photo courtesy of Margaret Pierce.

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COMMUNITYLAND TRUST

CO-OPERATIVE

LENDER/INVESTOR

CLT licenses

construction &

leases land

CLT & Co-op

secure building loan

Incoming members purchase

occupancy rights & equity share

from outgoing members

CLT holds land title,

by purchase or donation

Co-op hires service agency to provide

maintenance, cleaning, financial

management, governance advice.

Co-op builds & owns housing

The Mutual Home Ownership Socie

provides

long-term

loan

Shared Equity Co-op Housing

Outgoing members leave with the

growth in value of the equity shares

they financed (minus an agreed %)

Co-op members pay an income-related monthly fee for mor

management, maintenance, cleaning, etc. When they can pa

more, they are expected to do so. Their deposit & contributi

to mortgage repayment finance their equity shares in the co

Source: Lewis and Conaty, (New Society,The Resilience Imperative

2011 dec 15 3
http://communityrenewal.ca/resilience-imperativehttp://communityrenewal.ca/resilience-imperativehttp://communityrenewal.ca/resilience-imperativehttp://communityrenewal.ca/resilience-imperative


4/6

1. Total Net

Household Income

2. 35% of net household

income for housing costs

3. Less revenue costs

payable for all members

4. Net monthly payment

for corporate mortgage

loan repayment

5. Capital value of

corporate loan serviced

6. Number of equity shares

funded by monthly payment

7. Add equity shares

paid as 5% deposit

8. Total equity shares owned

9. Monthly cost of each

additional equity share

14,406 16,688 18,845 23,108 26,318 32,7

5,077 5,841 6,596 8,088 9,211 11,5

(i) Management 33 33 33 33 33(ii) Maintenance 53 53 53 53 53(iii) Service costs 18 18 18 18 18

319 382 445 570 663 8

64,336 77,190 89,892 114,997 133,900 171,7

64 77 90 115 134 1

7 9 10 13 15

71 86 100 128 149 1

4.95 4.95 4.95 4.95 4.95

Table: Mutual Home Ownership Monthly Costs () and Equity Shares for 2-Income Household

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A Closer Look at Mutuality & Equity

2011 dec 15 4

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Rsum : Le meilleur

de trois mondes

Pat Conaty de la New Economics Foundation a

une nouvelle faon de rendre le logement plus

abordable au Royaume-Uni. La Mutual Home

Ownership Society (MHOS) [Socit mutuellede proprit domiciliaire] combine les

avantages de trois stratgies. Une community

land trust [fiducie foncire communautaire] est

propritaire du terrain et le loue une tenant

ownership co-operative [cooprative de

locataires-propritaires]. Avec laide de la

fiducie foncire, la cooprative ngocie une

hypothque avec un prteur. Ou bien, des

emprunts dinvestissements de logements

mutuels pourraient tre vendus pour financer

ldifice, tel que ce fut le cas de Garden City

Letchworth il y a 100 ans.

Lorsque la construction est complte, la

cooprative met des baux renouvelables aux

membres-locataires. Une de leurs responsabili-

ts est un paiement de loyer calcul 35 % du

revenu mensuel du mnage, aprs impts et

dductions. Ces paiements et un versement de

5 10 % leur donnent droit des actions de

participation de la cooprative. Les mnages

qui font de plus gros paiements de loyer

obtiennent plus dactions. mesure que la

dette de la cooprative diminue (et si la

moyenne de revenus des membres augmente

dans le temps), la valeur des actions augmente.

Les membres qui quittent la cooprative

partent avec la croissance dans la valeur desactions quils ont finances (moins un

pourcentage convenu). Les membres qui

arrivent achtent des droits doccupation et

des parts des membres qui quittent la

cooprative. Une formule de revente dans le

bail assure labordabilit long terme de

chaque logement.

Les MHOS sont de bonnes nouvelles pour

les municipalits o le logement devient non

abordable pour de grands nombres de

rsidents, incluant plusieurs employs du

secteur public. Si les promoteurs de MHOS

peuvent acqurir du terrain des cots en de

du march, ils peuvent par la suite offrir un

investissement trs scuritaire aux prteurs ou

aux investisseurs sociaux. Ils peuvent amliorer

la proprit long terme et attirer des

membres-locataires tant avec du logement

faible cot que la perspective de crer une

valeur nette sans mettre en danger

labordabilit des logements. LILAC, la premire

MHOS de lAngleterre, est actuellement en

construction dans la rgion du Leeds.
http://www.lilac.coop/http://www.lilac.coop/http://www.lilac.coop/http://www.lilac.coop/http://www.lilac.coop/


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2011 dec 15 5

In the heart of London, CDS Co-operatives has

recently completed the Lithos Road Housing

Co-op, which includes 13 rental units and nine

shared equity units. In the latter, after the

example of tenant ownership co-ops inSweden (and unlike Canadian housing co-ops),

the tenant-members build equity in the co-op

through their monthly payments. This mixture

of rental and shared equity is how MHOS are

likely to function in big cities. Photo courtesy of

CDS Co-operatives.

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Scaling Up Mutuality
http://www.cds.coop/co-op-services/news/news/latest-news/crish-2013-beautifully-done/?searchterm=lithos%20roadhttp://www.cds.coop/co-op-services/news/news/latest-news/crish-2013-beautifully-done/?searchterm=lithos%20roadhttp://www.cds.coop/co-op-services/news/news/latest-news/crish-2013-beautifully-done/?searchterm=lithos%20roadhttp://www.cds.coop/http://www.cds.coop/http://www.cds.coop/http://www.cds.coop/co-op-services/news/news/latest-news/crish-2013-beautifully-done/?searchterm=lithos%20road


6/6

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Documents

The Best of Three Worlds