Solution 2-I:

Increase the number of non-traditional homeownership units across the region (e.g. co-housing, cooperatives, etc.)

Housing Solutions

What it does

Cohousing fosters multi-generational living and is designed to provide common spaces surrounded by private homes. Neighbors use these spaces for recreation, cooking for one another, and working collaboratively. Housing cooperatives, also known as co-ops, allow residents to collectively own and control the developments in which they live.

How it works

Cohousing communities are funded by its members. The more members a community has, the more resources that will be available for neighborhood amenities. In housing cooperatives, residents buy membership stock in a cooperative cooperation, which owns the land, building, and any common areas. Residents have the exclusive right to occupy a specific unit. A limited equity co-op allows low-income members to purchase shares at below market prices.

Who is responsible

  • Residents
  • Neighborhood Groups

Key challenges

  • Cohousing and co-ops are not common in the Richmond region, thus the process could be complicated with few local models to use as a guide.
  • Education efforts will be necessary to increase resident understanding of the many nuances to pursuing non-traditional homeownership.

How it will help achieve the goal

Alternative homeownership can provide residents access to wealth creation and financial independence when traditional homeownership options are too limited or expensive. It could allow residents of manufactured home communities to pool resources and create their own cooperative in which they collectively own the land, utilities, and community facilities.

Geography Tag(s)

Ashland, Chesterfield, Hanover, Henrico, Richmond, Regional collaboration

New or Existing

New

Creation or Preservation

Preservation

Requires New Funding

Yes

Requires new state enabling legislation

No

Other Solutions