the Goodwill Housing Cooperative in Newbridge officially opened its latest development of 18 apartments at The Hawthorns last Saturday.
Goodwill is a member-run housing co-operative that has also built 26 houses for families at Rosconnell in the town. Homes are provided for members who would otherwise not be in a position to fund their own homes.
“The 18 apartments are occupied by members of Goodwill Housing Association,” said Chairperson Jane Mullins.
“After long periods of negotiations, since 2002, to secure the purchase of the apartments the residents have now been living there for two years. Goodwill hopes to continue further projects to house other natives in the Newbridge area.”
A housing cooperative is a legal entity — usually a corporation — that owns real estate, consisting of one or more residential buildings.
Housing Cooperatives are described as ‘a distinctive form of home ownership that has many characteristics that make it superior to other residential arrangements’ such as renting.
The corporation is membership based, with membership granted by way of a share purchase in the cooperative.
Each shareholder in the legal entity is granted the right to occupy one housing unit.
A primary advantage of the housing cooperative is the pooling of the members’ resources so that their buying power is leveraged, thus lowering the cost per member in all the services and products associated with home ownership.
Another key element is that the members, through their elected representatives, screen and select who may live in the cooperative, unlike any other form of home ownership.
Since the housing cooperative holds title to all the property and housing structures, it bears the cost of maintaining, repairing and replacing them.
This relieves the member from the cost and burden of such work.
- Paula Campbell