Corani Housing and Land Co-operative
What is a housing co-operative?
A housing co-op has a legal structure that allows a group of people to buy property and manage it collectively and equally. In doing this the members can pool resources and build a home beyond their individual means.
The co-operative owns the property and the member tenants set an affordable rent. This rent covers loan stock repayment and interest, any mortgage repayments, repairs, improvements and investment into projects that meet the aims of the co-op.
Corani has been established as a radical housing co-operative to provide housing and access to land to people who are willing to share the responsibilities of stewardship and some of their own resources, in a manner which promotes social justice.
It is one of a very small number of housing co-operatives in England which:
· Are truly controlled by their occupying members – no paid officials.
· Are totally independent of state funding or other subsidies.
· Will house people with no capital.
The survival of Corani has been possible due to its supporters and friends who have entrusted their capital to its stewardship and/or made generous donations. This trust has not been misplaced: in the 35 years since 1978, Corani has never failed to meet a financial obligation.
Corani Loan Stock
Loan stock is capital invested in a co-op, in this case for purchase of property. The interest and repayment of this loan stock is serviced by the rent paid by the tenant members of the co-op. Loan stock is issued in units of £50 bonds and can be withdrawn on terms agreed between the lender and Corani. Detailed capital guidelines are available on request.
Corani Housing and land co-operative is currently looking to raise loan stock to help buy a new property in Devon.
Please find out more information by contacting:
Phone: 07847 168 183 Email: email@example.com
Registered address: Corani Housing and Land Co-operative Ltd
12 Bartholomew St, Leicester LE2 1FA
Industrial & Provident Society Registered - Number: 25726 R