The idea is to reintroduce the sense of community and neighborly practices inherently found in villages
Developing Missing-Middle Affordable Homeownership
The Middle-Income Co-op Pilot Project
A scalable Mixed-Income model to develop resident-owned, infill housing on typical residential lots, permanently affordable to people with Mixed-incomes.
Location: Nationwide Model
Type: Limited Equity Co-op
Size: 2-6 one-bedroom suites up to 0.1 acres
Vison: 2025
Carrying Charge: $525/month
Permanently Affordable for: 80% area median income or under
ITMO Powered by HOPE is introducing the first fully AI digital discounts mortgage loans system Initiative, a completely online mortgage experience for Mixed-Income homebuyers and the first-time owners of AEvolve Dwelling Unit (AEDUs) an AI digital mortgage lending platform.
We have a roadmap -intensive process down to a simple app that could be completed quickly, and from the convenience of a smart phone.
The idea is to reintroduce the sense of community and neighborly practices inherently found in villages
A Collaboration of
The Middle-Income Co-op Pilot Project
1 Residential Lot
2 Houses
1 Housing Co-op
6 Permanently Affordable Homeowner Suites
$770/month total owner costs (60% AMI)
Zero energy, sustainable construction
10-minute walk to downtowr
10% of the subsidy of typical affordable housing
10,000 prospective sites for future development…
The HOPE Co-op Pilot Project demonstrates a new affordable housing development model creating multiple homeownership opportunities on typical residential lots through “missing middle” housing cooperatives. Requiring less than10% of the subsidy of typical affordable rental housing, these homeownership opportunities remain permanently affordable to the community through the stewardship of a land trust.
As zoning laws begin to re-legalize “missing middle” housing, new small multifamily development opportunities abound. The status quo will be to develop this as rental housing however, decreasing homeownership access, and increasing wealth inequality. Creating resident-owned middle housing is a social imperative. Co-ops fill this need by offering a more affordable shared ownership structure than condos, while drawing on a rich history of affordable housing co-op success.
With home prices now excluding the majority of Cirty’s population from homeownership, transformative solutions to the housing crisis are called for.
The Co-op Revillaging Project offers a housing developmentmodel creating new homeownership opportunities on typical residential lots, which remain permanently affordable. This is made possible through cooperation: intentionally-designed shared homes containing suites for multiple owners, and a shared ownership structure. The homes are owned through a limited-equity housing cooperative, and the land is secured by ownership through a community land trust. A one-time investment by local social investors paired with modest subsidies (~$24,000 per household) enable permanent affordability by households earning 60% of the area median income.
Through a spirit of cooperation, the Co-op Revillaging Project reesfablishes a widely-accessible pathway toward homeownership and ensures these opportunities remain permanently available in the community. And unlike the suburban homeownership model of the 20th century, this model can serve a diversity of housing types and help facilitate a transition toward sustainable, socially-cohesive and walkable neighborhoods.
The Pilot Project is planned for Infill vacant residential lot Nationally, currently owned by a chruchs, religious organizations and nonprofit colleges and city land banks to develop affordable housing on their property regardless of local zoning restrictions.
The lot will host a new shared house and AEDU, designed with one-bedroom suites for up to six co-op owners. The design maximizes construction efficiency and energy efficiency, targeting “net zero energy” performance. With AGS. acting as architect-developer, a small number of social investors will provide construction financing, and we will use local licensed contractor will oversee construction.
Construction aims to begin Summer/Fall 2025.
HOPE, acting as the community land trust, is pursuing grant funding, and approximately $40,000 to cover the costs of the program creation. Other subsidies, such as down payment assistance provided by the City’S and a temporary property tax exemption will also be pursued to achieve affordability for households earning 60% of the area median income.
The simple development site enjoys a walkable location, just a few minutes from local downtowns.
Due to the small-footprint homes ample greenspace remains available as well as four off-street parking spaces. Area for a future storage shed is planned which can include bicycle parking, household storage, and a garden shed. As a housing cooperative, the homes are owned and managed cooperatively. The land is held through a ground lease with the land trust, HOPE, who is available to provide administrative support to the co-op over time.
A simple, well-composed design supports a shoestring construction budget without sacrificing durable materials or energy-efficiency.
Front porches provide casual settings for a chat with a neighbor, and great spots to enjoy a warm spring day.
4 Bedrooms,
4 Bathrooms,
1 Full Kitchen
Total Area 1650 SF
The house is designed to be shared by four co-op owners (with a maximum of five unrelated occupants per City regulation). Each bedroom area enjoys a bathroom and living space with a kitchenette, improving options for privacy among the shared household.
2 Bedrooms, 2 Bathrooms, 1 Full Kitchen, Total Area 790 SF
With well-insulated Superior walls system, airtight construction, and triple-pane windows, the homes aim to be “net zero energy ready”, with future rooftop solar panels able to generate as much energy as the homes use in a year. This also means very low energy bills. Simple, optimized construction practices keep this affordable. Durability is also a priority: lifetime warranty shingle roofing and fiber-cement siding are anticipated. These details are subject to change based on budgetary constraint.
Superior Roof
8.25 R33 Insulation
Air Barrier Sealing
Comp Roofing
Superior Wall
R16-R24 Insulation Air Barrier
Sealing Rainscreen Battens
Fiber Cement as Siding
Superior Floor
R24-R32
Air Barrier Sealing Fiberglass
Insulation
Heating, Cooling, & Ventilation
Electric Cove Heaters
Elec circuits for future Mini-Split Heat Pumps
Water Heating
Heat Pump Water Heater
Energy Performance (Modeled Estimated)
Energy Demand = 3,500 kwh/yr per suite
EUI – 31 KBTU/sf.yr
The Village Model includes an innovative ownership structure that brings together two forms of shared-equity homeownership—a Community Land Trust (HOPE and a Limited Equity Cooperative (HOPE Co-Op). In this arrangement, HOPE retains ownership of the underlying land, while the members of the Co-op that own and manage the housing and improvements on the land.
The result is a pathway to sustainable resident-owned housing for people with very low-incomes. It includes strong affordability controls to ensure that the housing stock remains permanently affordable for future generations to come. This multi-layered ownership structure has proven to be a stable, low-risk financial investment for both the lender and the low-income homeowners,
when compared to conventional homeownership.
A long-term ground lease ties the interests of both parties together, creating a partnership that helps to ensure the longer-term viability of the co-op. HOPE is able to serve in an advisory role, providing support to the co-op in the form of technical assistance, training, and leadership development. And due to its sustained involvement in the periods of leadership change and member turnover within the co-op.
3423 Piedmont Rd NE, Atlanta, GA,30305
Tel: (678) 278-9557
info@hope3cdc.org
HOPE Community Development Corporation is a registered 501(c)3 nonprofit organization.
HOPE Property Management Corporation
HOPE Housing Corporation
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