March 29: Would you consider living in a housing co-op? Get in on this affordable housing discussion

MANCHESTER, NH – In today’s tight housing market, homeownership is a distant and receding dream for people of modest means. Many people find themselves paying more for rent than they would for a mortgage, but they are unable to qualify for a home loan.

In the last year, Manchester Housing Alliance formed the non-profit Manchester Housing Alliance Land Trust, with the intent of creating limited equity housing co-ops.

In this model, the land trust owns the underlying land and the residents buy shares in the building. By separating the land and limiting the equity this ensures that the housing will remain affordable in the future.

Since co-op members are directly paying the mortgage, their housing costs remain stable and as member-owners they have control over the condition of their home.

MHALT founding member Kathy Staub thinks this is a great option for some people. “The stability that the co-op provides allows residents to plan for their future without worrying about unexpected rent increases or surprise evictions. The residents are in charge.”

The planned co-ops qualify as affordable or workforce housing, so the Land Trust will be able to leverage outside funding to keep mortgage payments within reach for people who don’t earn a lot of money.

Currently, the Land Trust board is focusing on identifying potential funding sources and building out their soft infrastructure. They are also looking for additional people who might be interested in living in a MHALT co-op or just helping to bring this idea to fruition.

MHALT will be holding an information session at the Manchester City Library on Saturday, March 29 at 10 a.m. in the Winchell Room. Anyone who is interested in learning more about limited equity co-ops is welcome to attend. For more information contact manchhousingalliance@gmail.com or check out our Facebook page https://www.facebook.com/MHTHousingAlliance