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key features of the model

Lithos front roomThe mutual home ownership model is based on two core structural elements: a Community Land Trust to hold the land for ‘community benefit’ outside the market, and a shared equity housing co-operative, to reduce management costs and ensure democratic accountability. The key advantages in the model are that:

  • unlike shared ownership, any public subsidy is locked in and preserved for future generations
  • the proposed structure gives co-op members access to much lower mortgage rates than as an individual owner occupier
  • monthly payments are flexible and based on an affordable percentage of a key worker’s income. The equity share paid out to departing residents is proportionate to the amount they have paid in
  • overheads and transaction costs are kept low by an assignable lease, so that residents can join or depart quickly and easily
  • the housing will be new-build with high environmental standards
  • residents will be responsible for repair and maintenance of the interior of their own accommodation and have the ability to alter or improve it if they so wish (within certain limits)
  • residents will participate in the management of the scheme, but will have the scope to use professional management as appropriate
  • residents will be able to increase their equity stake or, if need be, decrease it
  • the scheme will be highly transparent and residents will receive regular statements setting out their equity units held in trust by the co-op

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