Summer Updates

The “Aquarius House”

Note: We have decided not to move forward with this property for now and are actively looking for other options.

 

We are looking at the old “Aquarius House” at 211 Greenfield Road, Colrain (Zillow). Half of it was built in 1850, and then moved down the hill in 1900. The other half was then added, and two brothers lived there, one in each half, with their families and their hired help.

Community Land Trust

We are talking to Valley Community Land Trust about purchasing it together, where they would buy the land (including 6 acres across the street) and we would buy the house. This would help steward the land into the future, even after we leave.

Housing Cooperative

All residents, and community members who are invested in the space, would all be member owners in the Valley Housing Cooperative, with one each member having an equal vote. Decisions are made by all member-owner residents, with each resident having an equal say. Residents are able to decide for themselves what their rents should be and how they are spent.

Finances

The coop would raise its initial funds, needed for a down payment, from community members as a loan. This helps provide affordability for the residents, by not requiring a large up front contribution from them.

Saul put together a comic to give an overview of how we could legally share ownership. This was before talking to VCLT, so does not include the land trust component. If VCLT did end up purchasing the land, then on sale we wouldn’t get any profits from the increase in land value, just the house.

Additionally, another group such as NASCO Properties or a non-profit could purchase the house, which would ideally lower the monthly cost in exchange for giving up the ability to profit of it's sale.

There are many other resources which talk about this combination of using limited equity housing cooperatives and community land trusts to provide long term affordable housing with community stewardship, see “Community Land Trusts And Limited Equity Cooperatives: A Marriage Of Affordable Homeownership Models?” by Meagan M. Ehlenz,

We have also put together a provisional budget, with estimated costs per room that include all expenses: