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Keys to Successful Co-Op Housi

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Keys to Successful Co-Op Housi United States Department of Agriculture Keys to Successful USDA. iIiii~ Co-op Housi e-..._"....._ , , Service Report 44 Abstract Successful housing cooperatives usually have key operating practices and phi loso­ phies in common. These include a need for understanding some basic cooperative concepts such as the joint ownership and user-owner nature of the cooperative form of bus iness, as well as at-cost operation and democratic control processes. In addition, a sound background in management, operational, and financial aspects of coo peratives aids in ensuring the succ ess of new or extstinq hou sing cooperatives. Key words: cooperative. housing cooperative Keys to Successful Cooperative Housing Tracey Kennedy Andrew Jerrnolowicz Mary Anne Lambert John Reilly Beverly Rotan Cooperative Se rvices Program Rural Business and Cooperative Development Service U.S. Department of Agriculture Service Report 44 February 1995 Slightly revised August 2004 Preface In the following pages some practicesand attributesassociated with successfully developing and operating a housing cooperative are reviewed. Included are practices useful in planning and organizing cooperatives. as well as policies and procedures to help established housingcooperatives remain financially sound and responsive to member needs. Although this guide was written with cooperatives geared toward low­ income residents in mind, these keysto successcan be applied to any type of housing cooperative. The purpose of this guide is to highlight some methods practiced by successful hous­ ing cooperatives. It is not intended as a comprehensive manual. More detailed infor~ matian about the operationof cooperative housingcan be found by contactingthe sources listed on page 11. Contents INTRODUCTION ... .• ..... ... .. .. ... ••• ... .. ..... •• •..... .. •• ..... •1 UNDERSTANDING THE COOPERATIVE CONCEPT .. .. .... ... .. .. • •.... •. •1 KEYS: Joint Ownership •..... ... ...... • •. .. ...... • •.. ....... ... • .1 The User-Owner Natureof Cooperatives . .... ...• ... ..... •.. .. ..1 Operation at Cost ... ....... .. ••. ........ ••• .... ••. .. •..... •.1 Democratic Control .. •.. .. •.•. .. ... .. .. •..... •• •. ..... .• •. .1 Cooperative Structure •...•. ..... ... ..... .... .. .. .. .. ..• .. .2 Cooperatives and OtherTypes of Homeownership •• .. ... .. .•• .. .. PLANNING AND ORGANIZING A HOUSING COOPERATIVE • ... .•... .•. ..••2 KEYS: Getting a Sponsor and Other Assistance . • •. .... .. •... ......... 2 Keep Members Involved . .. ..... ...••. .. .. ..•. ..• .• .. .• .....3 Avoid Unrealistic Expectations 3 Instill MemberCommitment ... •... .... .. ..... ...... .. .. ...•..3 MANAGEMENT AND OPERATION OFTHE COOPERATIVE ... •• .... .. .. • •...3 KEYS: The Role of Directors and Managers . .. ............. .... .. .. .•.3 Rolesand Responsibilities in Self-Managed Housing .. • •........ •• .4 Operating Policies and Practices 4 Maintenance Policies and Plans •.. ........ .... ..... ... ...•.. .5 Sound FeeCollection Policies ....... • •......... •..... • ... ....5 Resale Policies .. •. ............. ..... .... ..... ........... ...6 COOPERATIVE FINANCES • .. .... .. .. .. .•• ..... .• ...• .... .. ..... .. .• .6 KEYS: Cooperative Capitalization 6 ii Contents Internal Cooperative Finances 6 Cooperative Budgeting 7 Fee Adjustment Policies 7 Reserve Funds 7 COOPERATIVE MEMBERSHIP 8 KEYS : Keep Members Involved and Informed 8 Member EdlX:aOOn Is Critical 8 CCNCLUSION • .. .. ... .. .. ...... .. .. .... .. .. .. ... .. .. • • .... ... .9 OTHER SOURCES OF INFORMATION ABOUT COOPERATIVE HOUSING 11 REFERENCES .. .. .. .. ... ... ...••••.. ....•.....••...., 12 iii Keys to Successful Cooperative Housing cooperative corporation that owns the buildings in Introduction which they live. Purchasing a share in the cooperative enti tles each member to lease and occupy a dwelling Ensuring that a hccslng cooperative will be a unit from the cooperative and to participate in its gov­ success begins long before the foundation is poured ernance and operati on . and continues throughoct the life of the cooperative. Successful cooperatives usually have key operating KEY: TheUser..()wner Nature of COOperatives practices and philosoph.es in common. The cooperative fonn ofbusiness provides ser­ viet's to the people who own and use it. By compari­ In the following pages, some practices and attrib­ son. investor-owned companies exist to provide a utes associated with successfully developing and oper­ return on the investment of stockholders. The user­ ating a hou sing coopera tive are reviewed. Included are owner eepect of cooperation has important implica­ practices useful in planning and organizing coopera­ tions for the way cooperatives are operated and gov­ rives, as well as poli cies and procedures to help estab­ emed. lished housing cooperatwes remain fina ncially sound and responsi ve to member needs. Although this guide KEY: Operallon 01 COSI was wri tten with cooperatives geared toward low­ Cooperatives exist to provide se rvices to user­ income residents in mind, these keys 10success can be owners, rat her than returns to investors and operate applied to any type of housing cooperative. on an "at-cost" or "not-for-profit" basis. Because there is no profit line in the cooperative budget. cos ts are often This g uide highltgnts some of the methods prac­ lower th an in nonccoperett ve businesses. It i.s impor­ ticed by successful bou slng cooperatives. It is not tant to understand, however, that the fees cooperatives intended as a comprehen sive manual. For more charge members are often competitive with noncoop­ delailed information about the operation of coopera­ eratives. This ensures that the cooperative has enou gh tive housing see the sou rce list on page 11. capital available to mee t its obligations. AI th e end of the year (or other period), fees that exceed expenses are returned to members as patronage refunds . This is Understanding The Cooperative Concept the way coopera tives opera te "at-cost," Persons considering a cooperative as a housing KEY: Democratic Control option mu st understand cooperative structures and Cooperatives ere controlled by the people who how they differ from ot'rer types of bu siness and hous­ own and use them-e-the residents in a hou sing cooper­ ing. ative. Members elect a board of directors from among themselves. Each member has one vote in deciding the KEV: JolnlOwnorsh,p affairs of the cooperative. Cooperatives are OJ form of joint ownership. In a housing cooperative. pt<'PIe join to form a nonprofit KEY: Cooperall. e Structure stone as a group. Therefore. having a sponsor or 1IoCCesS. Structure refers to the way members' equity o r to those with experience in d eveloping coo pe ratives ownership interes t in the property builds. Two main can go a long way toward. simplifying the process and types of housing coo peratives are markd-rlltt.' coopera­ ensuring success in establishing and ope rating the tives and limjted~q _ l ity cooperati ves, coope rative. In a market-rate coo perati ve. members benefit from any apprecia uon in the value of the property and KEY: Getting a Sponsor and Other Assistance are allowed to sell their shares for whatever the market Most grou ps wanting to form a housin g coo pe ra­ will pay. People w ho consider homeo wnership an tive will need a sponsor or technical assistance adviser inves tment will usually choose this type of coope ra ­ 10 help them throughout the planning and develop­ tive. ment process. The sponsor or adviser might be a prt­ Limited-equitv cooperatives limit the price a t vate or public commuruty-besed orga nization, a non­ membership and control resale values to keep the profit developer, a private organizatio n.. or housing housing affordable for low- and moderate- income res­ consultant. idents. Formulas fer setting resale pri ces va ry. In some How much technical assistance? Coope ratives us u­ coope ra tives. the resale price is based on th e initial ally need more technical assistance during the de vel­ sha re price plus a sma ll amount; say 1 percent per opment stage than during ongoing ope rations. In this yea r, for appreciat ion. In coo pe ratives geared toward early stage when plans are d eveloped an d fina ncing very low- income residents. members may receive only arra nged. the experience of the sponsor is of greatest their o riginal share price when they mov e ou t. benefit. As members become more familiar with coop­ erative housing, the level of technical assistance KEY: Cooperall. es and Other Types 01 required will decrease, especially after the cooperative Homeownershlp is operating and the start-u p problems are worked ou t. Housing cooperati ves are different from condo­ rvhat does the sponsor/adviserdo? The mission of miniums in that resid ents do not own o r hold title to th e sponsor or technical assistance ad viser is to foster their individual d welling units. Instead , residents own the education, Independence, and overal l development shares of the whole cooperative corporation. The cor­ of the cooperative being formed. Ideally, the sponsor poration holds title to the property. Housing coopera­ should have some back ground in housing or in orga­ tives differ from re ntal housing in that residents' own­ nizing housing coopera tives, or ha ve access to such ership of shares en -itles them to a voice in running the expertise. The ran ge of services that the sponsor or association. adviser may provide in starting a housing cooperati ve Housing coo peratives are usuaUy multi-family o r includes: apartment-type
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