Construction is moving along swiftly on the C Street Co-op in Springfield, and we are expecting occupancy in early Fall 2021. And we are now beginning our outreach efforts to select the initial six members of the co-op (see the bottom of the page to find more information on that process).
A recent article published on the project explains how we are not just building affordable infill housing, we are expanding equity opportunities with an innovative, more inclusive ownership structure.
Homeownership is not a one size fits all solution. In traditional single-family homeownership, lower-income residents are exposed to significantly greater risk and are far less likely to generate wealth. Furthermore, 74 percent of white households own their home compared to only 44 percent and 49 percent of Black and Latino households, respectively.
So we must reconsider the mechanics of affordable housing to create sustainable and equitable homeownership opportunities for people with low-incomes, prioritizing efforts to reach communities of color. And that is exactly our goal with the C Street Co-op.
This project incorporates a shared-equity homeownership structure that promotes sustainable wealth building and permanent affordability for low-income households by combining a limited-equity co-op (C Street Co-op) with a community land trust (SquareOne Villages).
Shared-equity housing is also increasingly serving people of color. A recent report from the Lincoln Institute of Land Policy found that the share of minority households has steadily increased from 13 percent in the pre-2001 period to 43 percent during the housing recovery period.
Interested in living at C Street Co-op or know someone who might be?
We have posted more information on our website for people interested in becoming a member of the C Street Co-op. Click Here and scroll to the bottom of the page to review the information and eligibility criteria, and if this housing opportunity is still of interest to you, fill out the form and we will be in touch once we are ready to schedule the initial Co-op Applicant Information Sessions.