As the nation’s housing crisis escalates, affordable solutions feel scarce, especially in high-cost areas like Metro-Boston. Increasingly, attention is turning to income-restricted housing cooperatives as a permanent solution that offers stability for communities and an accessible path to homeownership for low-to-middle income residents. The Cooperative Development Institute released a new report sponsored by the Mayor’s Office of Housing and Community Economic Development Assistance Corporation (CEDAC). The report highlights the CEDAC and the City of Boston’s historic and current efforts to promote cooperatives as an effective and permanent solution for the ongoing housing crisis. Scroll down and click the image to read the full report. Some of the major findings from this report include:
- The housing cooperatives of Boston have made positive community contributions beyond housing. This adheres to the stated values of cooperatives internationally.
- The co-ops are challenged and are currently under extreme internal and external pressure to survive and succeed. The major concerns and needs fall into several themes:
- Funding and financing for capital improvements
- Property management services
- Resident selection and orientation
- External forces and relations
- The study participants and CDI consultants have many recommendations for solutions which address each of these themes. They include training, technical assistance, financial support, networking and more ideas to meet and provide support for the challenges of managing Boston’s housing cooperatives.
Click to read the full report:
