Community Benefit Society
YorSpace is a Community Benefit Society, which is a form of Cooperative. We have established the Society to further the social, economic and environmental well-being of people living (or wanting to live) in York by creating low cost, environmentally sustainable, community housing.
Our rules are available to view HERE
Membership is open to all who want to be involved in creating Community-led, not for profit housing in York and there is no geographic, income, experience or other types of qualifications necessary to becoming a Member of our Co-op.
YorSpace has an asset lock in its ordinances that prevents assets from being sold for the financial benefit of the Members. Therefore assets can only be disposed of for the benefit of the Community and this will only ever be decided, collectively, by our Members.
As a Community Benefit Society there is only one type of membership and this gives every member equal voting rights. By becoming a Member you become a community shareholder for which the fee is the cost of the purchase of one share. It is possible for Members to buy further community shares when available but each share holder only has one vote regardless of the number of shares a member holds..
To find out more and become a shareholder member join via our get-involved page here
Mutual Home Ownership
Our model is Mutual Home Ownership – This is a new form of home ownership that seeks to increase the supply of affordable intermediate market housing. Unlike other forms of low cost home ownership, it is designed so that homes remain permanently affordable and not move out into the open market.
Mutual Home Ownership is a market-equity form of tenure in which residents have an equity stake in residential property in which ALL properties are owned by a Mutual Home Ownership Cooperative Society.
All residents become members of the Society and by becoming a resident you become a member of the Mutual Home Ownership Cooperative Society and this Society takes on a collective long term mortgage that finances the housing development costs.
Residents pay for the mortgage, management and maintenance of the homes with a member deposits and monthly mortgage payments under the terms of a long lease. When a resident leaves they assign their lease & occupancy rights to a new incoming member. The outgoing member’s units of property equity are sold when they assign their lease to a new member.
This trading of equity shares ensures that the benefit of the land is held outside the market by the Mutual Home Ownership Society and the affordability it creates is recycled from one generation of occupant members to the next.
These arrangements create a new way of owning equity in the value of residential property.