1. Chapter Four: Affordable Housing Uniting the “I” and “We”: Affordable Housing in Perpetuity Presentation by: Ariel Verhoeks

2.  Community Land Trust Summary Key Features Champlain Housing Trust (CHT)  The Mutual Homeownership Model Mutual Home Ownership Housing Society (MHOS) Affordability  Transition Factors  Resilience Reflections  Questions Introduction

3.  Market failures in housing  Create a stock of permanent affordable housing  Separates two cost elements a) market price of the land b) price of the house itself Community Land Trust Summary

4.  1. Non-profit, tax-exempt corporations  2. Very flexible  3. Allow dual ownership and dynamic property rights  4. Make leased land and housing affordable  5. Allow open and place-based membership  6. Has tripartite governance Community Land Trust Key Features

5.  Over 2,000 units of permanently affordable housing  Improving quality and affordability of housing: a) homeownership centres b) financing packages c) pool of funds to cover operating costs d) developed a day center, nursery facility, non-profit offices Community Land Trust Champlain Housing Trust (CHT)

6.  New model result of innovative affordable housing solutions a) community land trusts (CLT) b) tenant cooperatives c) cooperative land societies  Tenants share a single mortgage package  Equity Shares:  Deposits paid upfront become shares  Those who pay higher lease charges finance more equity shares  Equity share value is linked to average earnings  Lower/middle income members can earn limited equity returns too Mutual Homeownership Model Mutual Home Ownership Housing Society (MHOS)

7.  1. Lease payments are set ratio (35%) of net household income  2. Lower-income members can acquire equity shares  3. Members can buy more shares as their income rises  4. Transaction costs are reduced  5. Borrowing costs are cheaper over the longer term  6. Reduced risk and maintains affordability of the home Mutual Homeownership Model Affordability

8.  Restoring land to the commons  Deep cultural attachment to traditional private property and private profit  Community benefits not captured in calculations 1. social economic factors are social determinants of health 2. stable & affordable housing frees up income to purchase healthy food 3. affordable housing enables increased participation in community life and fosters sense of belonging  Allows people to live near where they work Transition Factors

9.  2008 Housing Bubble  Lack of resilience  Lack of transparency  Land trusts & cooperative approaches to improving affordable housing  preserve income diversity  Potentially reduces the ecological impacts of a community Resilience Reflections

10. Questions