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
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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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The MHOS Model
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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-imperative7/28/2019 The Best of Three Worlds
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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/7/28/2019 The Best of Three Worlds
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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%20road7/28/2019 The Best of Three Worlds
6/6
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