The need for “ambitious, feasible, and scalable solutions to housing affordability” are more important than ever. We believe the Cooperative Community Inc. (CCI) can be a valuable tool to bring housing stability and wealth to a broad and geographically diverse set of families. Combining elements of finance, policy, design and construction, our concept builds on the benefits and history of cooperative ownership and expands the
notion of ownership beyond housing to a diversified portfolio of assets that provide income, stability, and inter-generational wealth that many are lacking in our country.
The concept is relatively simple: buy in, gift, invest or collaborate with local partners to become shareholders in a range of assets. Some will own shares and maintain occupancy of assets, others will buy in as impact investors, foundation PRIs, CRA motivated banks or burdened homeowners who could benefit from professional management and lower operating expenses. With a portfolio of housing assets mixed with fixed income investments, retail, equities and bonds, the CCI strategy can weather downturns, and economic shocks for shareholding families can be mitigated. With the advent of Opportunity Zones, CCI can bring in a new source of capital in many locations. Economies of scale can be achieved for everything from insurance, taxes and property management to day care and commuting. CCI collateral and expertise will provide the opportunity to develop a diverse set of new assets for neighborhoods including accessory dwelling units, new businesses, rehabilitated housing and ground up development. The attached presentation lays out the CCI platform, mission and strategy in general and, for three sample geographies.
We are in conversation with potential partners who include city agencies, developers, investors and CDCs. The CCI strategy is flexible enough to include single family, multifamily, expiring LIHTC, neighborhood retail and a range of other assets. Our team is ready to move forward from concept to pilot. Marc Norman, as project lead, has over 20 years of experience in the areas of finance, development, research and policy around housing and economic development. As a Professor in Urban Planning at the University of Michigan, founder of the consultancy, Ideas and Action and board member for numerous organizations including the Federal Reserve, Mr. Norman has a nationwide network to move the idea forward. With India Solomon, award winning research assistant, Master’s Candidate at the University of Michigan and a policy fellow, this nimble team can move swiftly toward productive collaborations.
Our collaborators and potential partners have submitted nominations, and we are ready to talk about creating Cooperative Communities.