[Mpls] Nicollet Housing Cooperative: check it out!

[GarySimmbo]

�Mpls List Members -- I sent this to the King Field list yesterday, and felt that it would be good to spread the news. I think that this project in my neighborhood could be a model for establishing affordable housing all around Minneapolis while costing the taxpayers nothing. 

Also, some of the Minneapolis list members may be interested in joining the co-op, or may know someone who is interested as well!  It is a very good opportunity for affordable housing which allows folks to build equity as well.

See more info below my sig!

Gary Hoover
King Field

Friends and neighbors:

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Let me introduce you to a new, affordable and community-building form of home

ownership in the King Field neighborhood.� The Nicollet Housing Cooperative

is a handicapped accessible, cooperatively owned and operated building with

29 one, two, and three bedroom cooperative homes available.

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What is a cooperative?� It is an independent group of people "united

voluntarily to meet their common economic, social and cultural needs and

aspirations through a jointly-owned and democratically-controlled

enterprise," according to the International Co-operative Alliance.

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The benefits of co-operative housing are many, but first, what is cooperative

housing?� Cooperative housing happens when people agree to own and manage

their homes - in this case a newly renovated building at 4429 Nicollet Avenue

South.� Every one of the 29 co-op members will own one-twenty-ninth of the

co-op corporation, and will have an equal say in electing a board of

directors and input as a shareholder of the corporation.� Members choose from

the available apartment homes within the building, which they lease back from

the corporation.

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There are so many advantages to this home ownership option that it is hard to

know where to start.� First, co-op owners receive the same kind of tax

benefits as people buying any other kind of house.� Secondly, co-op owners

build equity.� The Nicollet Housing Co-op is a limited-equity co-op, so that

the homes will always be affordable.� If you are interested in more details

about the formula for equity upon selling one's co-op share in a limited

equity co-op, please contact the folks listed at the end of this note.� The

third benefit is that affordable housing is always provided in neighborhoods

by housing cooperatives.� You can afford to live in your co-op home, cash out

with a very reasonable equity if you move on, and still provide affordable

housing for someone else.

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In addition to providing continually affordable housing, this form of co-op

provides relatively low purchase and move-in costs, reasonable monthly

housing expenses, and the support of staff from the Northcountry Cooperative

Development Fund. The NCDF is basically a $1.8 billion investment fund which

specializes in developing cooperatives here in Minnesota, around the country,

and even around the world.� The NCDF is partnering with Minnesota Housing

Services to develop this housing co-op.� The NCDF has 105 member co-op

corporations -- agricultural, arts, grocery (like Linden Hills and the Wedge)

as well as housing and many others.

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One great benefit of co-op living is community-building.� Members work

together for the common good.� Studies show that cooperative housing brings

higher levels of civic participation and lower crime rates to communities.�

Co-op members are easily able to give their housing co-op shape.� Members may

discuss rising food, transportation, and energy costs as well as related

environmental concerns.� They can use cooperative power to buy more for less,

to develop convenient and economical car sharing, or to retrofit their

building with solar panels to cut electrical costs.� One housing co-op in New

York used its collective buying power to get assisted-living services for

aging members, for example.

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The Nicollet housing Co-op will be in a newly renovated, completely

accessible building in the thriving Kingfield Neighborhood of South

Minneapolis.� It is on a bus line and set amidst a wonderful mix of

neighborhood businesses, coffee shops, homes, parks, daycare providers and

schools.� This housing co-op is perfect for singles, couples, families with

kids, and the elderly or those with accessibility concerns.

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Buyers in the Kingfield development will purchase a share of the cooperative

for only $2,000. This is the equivalent of a downpayment. At most the monthly

payments are expected to range from $750 for a one bedroom unit to $1100 for

three bedrooms.� But, cooperative members as a group will determine the

actual amount paid depending upon how much maintenance and other work they

perform voluntarily or how well they negotiate the price of purchased

services. The cost may be $150 -200 less each than these estimates each month.

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If you are a progressive, cooperative person looking for affordable,

community-oriented housing, please call Neil Esterkin at Minnesota Housing

Services:� 612-871-3711.� For more information about NCDF, call 331-9103.

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Thank you!

Gary Hoover

Kingfield

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