UHAB and NCF collaborate on multi-family cooperative development.
In an exciting development for affordable homeownership in the Upper Midwest, NCF has formed a partnership with New York-based Urban Homesteading Assistance Board (UHAB). This collaboration is poised to launch NCF into the limited-equity cooperative multifamily housing space, in turn empowering historically underserved communities through cooperative homeownership.
While NCF has played a pivotal role in helping homeowners in 14 manufactured ("mobile") home communities across Minnesota and Wisconsin purchase their parks and organize cooperatives, NCF has not yet entered the multifamily cooperative sector. As is common with any new endeavor, success hinges on expertise, guidance, and resources; all components which are largely absent in the Upper Midwest in the context of limited-equity multifamily housing cooperatives. To bridge this crucial gap, NCF has joined forces with UHAB, a successful organization with nearly 50 years of experience in the development and support of multifamily housing cooperatives. Based in New York City, UHAB currently serves 1,600 cooperatively owned multifamily buildings.
Over the course of a year-long partnership, UHAB will build upon NCF’s existing cooperative development expertise and provide invaluable support and training, thereby growing NCF’s capacity to develop and support multifamily cooperative developments in 2024 and beyond.
Expanding opportunities for Underserved Communities
While NCF's existing partner communities have a notable representation of BIPOC residents and low-income households, the multifamily program is set to serve an even more diverse segment of the population. With a growing racial homeownership disparity, this project will help transform BIPOC renters into homeowners. NCF's mission aligns perfectly with the need to empower historically underserved residents, transferring wealth to those who have been systematically kept out of power for generations.
Cooperative ownership isn't just a means to an end; it's a dignified form of homeownership in its own right. It provides a platform for resident owners to set rent prices, establish community rules, and oversee building maintenance without the constraints of profit motivated investors who often live out-of-state. In cooperative housing, rent prices tend to be lower and more stable, offering resident owners a chance to save for traditional homeownership, invest in other areas like growing a small business, or spend more money on daily necessities.
A Vision Fulfilled
With the generous support of the Community Development Financial (CDF) and Minnesota Housing, NCF's vision for cooperative multifamily housing has become a reality. The project is now fully funded, allowing NCF and UHAB to hit the ground running.
A Bright Future for Affordable Housing
The collaboration between NCF and UHAB represents a significant milestone in the quest for affordable, equitable housing in the Twin Cities, Minnesota, and the Upper Midwest. With their combined expertise and unwavering commitment to affordable housing, NCF is poised to transform lives, empower communities, and make cooperative multifamily housing a cornerstone of the region's housing landscape.
