Inclusive Affordable
Sustainable
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Finances
Co-Housing Bristol is willing to finance the purchase of the site
through commercial (though ethical) finance, supplemented by
members own equity and loanstock at market value. We have had
positive preliminary discussions with The Co-operative and Unity
Trust Banks regarding site purchase and build finance. We are
currently engaged with preparing project cashflow forecasts, build
cost estimates and individual financial statements whilst
developing and refining our affordability scheme.
Co-Housing Bristol is committed to developing a financial structure
that ensures a stable method of long-term affordability: that is, a
mechanism that retains affordability for future generations of
community residents. Though we recognise that some residents will
need affordable rental housing, we are most concerned with the
intermediate market: those whose incomes are not low enough
fro them to be prioritised for social housing, but are who cannot
finance an open market purchase. The NEF /CDS Co-operatives/Housing
Corporation Common Ground report has provided us with the basis for
thorough discussion and research about the financial relationship
between resident and co-operative. Limited equity, shared
ownership, tenancies at social housing target rents and community
land trusts are vehicles we believe can deliver affordability in
perpetuity. We mean to continue this discussion with BCC, and other
partners.
Economic Advantage
* Resident managed development builds homes "at cost". Profit that
would normally go to a developer stays in the project in the form
of better quality finishing, common areas for shared use,
environmentally sensitive design and any other features that the
resident group may choose to include.
* Educated purchasers make more sustainable choices. The future
residents determine the product so there is a natural opportunity
to become educated about the cost benefits of choosing certain
options. Knowledgeable purchasers are more likely to choose a
higher capital cost now with future savings, thus choosing better
quality and more energy efficient alternatives.
* Access to shared spaces reduces individual home size needs.
Workshop, guest room, craft room, meeting room, office, children's
play area, etc. can be shared in common. Individual homes can be
smaller when there is easily accessible space available for common
use.
* Access to shared resources allows individuals to decrease
material possessions without impacting on quality of life. Because
of the social fabric of the community the sharing of computers,
printers, fax machines, camping and sports equipment, freezers,
tools, and even automobiles are a natural part of daily life.
* Work at home reduces transportation requirements. Social
isolation and infrastructure cost for equipment, common barriers
associated with working at home, are no longer applicable in
cohousing. Home-based occupations are also supported with advanced
telecommunication capabilities.
* Human resources are more readily accessible in a connected
community. Cohousing provides an environment where the exchange of
knowledge, skills, expertise and time is a common occurrence.
Shared child-care and coordinated running of errands are two
examples reducing the demands of daily life.
* Aging in place is supported. Buildings are designed for aging in
place and the social support available in the community allows
elders to live on their own longer than in traditional housing.
* Market demand supports value. Experience has shown that cohousing
communities have excellent resale value. People are willing to pay
for the added quality and community benefits.
* Accountability and transparency are an integral part of the
process. Decisions are made by 100% consensus. All members have
equal access to information and equal responsibility for the
decisions that are made. This promotes responsible citizenship and
can begin to reduce the tremendous liability issues that our
culture faces.
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Co-housing Bristol Click Here
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