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Sanford Housing Co-operative was born as a pilot project following five years of intensive lobbying. [2] The original idea was outlined in a paper [9] by the President of the University of London Union John Hands published in March 1967, proposing self-governing co-operative communities as a solution to the housing crisis affecting students and others.
The British co-operative movement is most commonly associated with The Co-operative brand (best known for its supermarket and Funeralcare brands) which has been adopted by several large consumers' co-operative societies; however, there are many thousands of registered co-operative businesses operating in the UK. [3]
Housing co-operatives are uncommon in the UK, making up about 0.1% of housing stock. [29] Most are based in urban areas and consist of affordable shared accommodation where the members look after the property themselves. Waiting lists can be very long due to the rarity of housing co-operatives.
Co-operatives UK is a British co-operative federation described as "the central membership organisation for co-operative enterprise throughout the UK". [3] It was founded in 1870 as the Co-operative Central Board, changing its name to the Co-operative Union [4] before finally becoming Co-operatives UK following its merger with the Industrial Common Ownership Movement (ICOM) in 2001. [5]
A housing cooperative is a legal mechanism for ownership of housing where residents either own shares (share capital co-op) reflecting their equity in the cooperative's real estate or have membership and occupancy rights in a not-for-profit cooperative (non-share capital co-op), and they underwrite their housing through paying subscriptions or ...
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A building co-operative is a co-operative housing corporation where individuals or families work together to directly construct their own homes in a cooperative fashion. Members of this type of co-operative purchase building materials in bulk and co-operate with other members of the co-op during the construction phase of the co-operative.
The co-operative's Management Committee are all tenants and have had training and support to run this organisation which has a turnover of almost £750,000. The co-operative is a Registered Society under the Co-operatives and Community Benefit Societies Act 2014, a former Industrial & Provident Society (IPS) regulated by the Scottish Housing Regulator and the Financial Conduct Authority.