The Indiana Association for Community Economic Development (IACED) is collaborating with its member, the Indianapolis Neighborhood Housing Partnership (INHP), to deploy services from the National Community Stabilization Trust (NCST) across Indiana.  IACED and INHP are issuing a request for qualifications (RFQ) for interested members of IACED to act as local community-based development partners with 'first look access' and discounted pricing for foreclosed real estate owned (REO) by financial institutions.

IACED members interested in accessing REO properties should respond with a statement of qualifications describing their ability to carry out rehabilitation of REO properties or achieve other community defined redevelopment goals. The submission deadline is April 23, 2012. Read our full blog post here for more details and to download the full RFQ.

This month the IACED blog featured a number of articles on how cooperatives can be used to address numerous community development challenges. A housing cooperative is one example of how a group of people can join together to own and control the housing and/or related facilities where they live.  Usually this is achieved through a nonprofit corporation.

Each month shareholders pay an amount that covers their share of the operating expenses of the cooperative corporation.  Benefits of cooperative living include personal income tax deductions, lower turnover rates, lower real estate taxes (in some cases), controlled maintenance costs, and resident participation and control.  

Indiana has a number of cooperative housing projects.  Some are student-focused in Bloomington and Lafayette.  Some have an affordable housing focus and may accept Section 8 vouchers.  Others are simply a different model for housing and exist in a number of Indiana communities. For more information on housing cooperatives with links to external resources, click here to read our blog post.

Various housing cooperative structures exist to meet different needs

Housing cooperatives can be developed via various legal and finance structures to address diverse community housing needs. Some examples of these different structures include market rate cooperatives, limited equity cooperatives, leasing cooperatives, mutual housing associations and senior housing cooperatives. According to a publication produced by Cooperative Development Services and the University of Wisconsin Center for Cooperatives, these different types of housing cooperatives can be defined as follows:

• A market rate cooperative sells shares at full market value in the original sale and permits a market rate of return on resales by its members.
• A limited equity cooperative limits the return allowed when shares are sold. The amount of return is determined by a formula established in the corporation's bylaws.
• A leasing cooperative leases the property from an investor on a long-term basis, sometimes with an option to buy. The residents operate the property as a cooperative.
• A mutual housing association is a non-profit corporation set up to develop, own and operate housing. Generally, the association is owned and controlled by the residents of the housing produced.
• A senior housing cooperative is a cooperative that has design and service features appropriate to senior residents.

To read more, check out our blog post by clicking here.

Cooperatives can also be used to address food deserts with grocery stores and urban gardens.  Housing cooperatives and farm cooperatives have been around for many years, but new cooperatives are emerging to deal with issues of local sustainability.  The International Co-operative Alliance has established seven principles that define co-ops as part of their Statement on the Co-operative Identity.  These principles can be found on our blog by clicking here. For more information about cooperatives from the National Cooperative Business Association, click here.  

Across the Nation  

House, Senate move forward with FY13 Budget Proposals

As more and more community development practitioners throughout Indiana explore the unique benefits that housing cooperatives offer, the timing is prime to take advantage of a global campaign designed by the United Nations. In declaring 2012 the "International Year of Cooperatives," the General Assembly will highlight the contribution of cooperatives to socio-economic development, particularly as they relate to poverty reduction and employment generation. How does their global theme of "Cooperative Enterprises Build a Better World" impact Hoosiers' co-op projects? By encouraging communities to recognize cooperatives' power to:

• Improve livelihoods and strengthen the economy
• Enable sustainable development
• Promote rural development
• Create a sustainable business model for youth

For comprehensive resources and innovative ways to get involved, check out the UN's special International Year of Cooperatives 2012 webpage.

On March 2, the Indiana Business Journal (IBJ) recognized Genessaret Free Clinics, an IACED member and Homeward Bound participant, as a Health Care Hero for its community achievement in health care.

The IBJ commended Gennesaret for its work in providing free health care to the homeless and uninsured population at nine locations throughout Indianapolis.  In the article, the IBJ states that Dr. James Trippi, M.D., a cardiologist with The Care Group at Indiana University Health Methodist Hospital, founded the organization in 1988.   Gennesaret served 2,000 patients that year.

Now, a staff of 14 and nearly 230 volunteers - physicians, nurse practitioners, nurses, pharmacists, dentists, dental hygienists and non-medical volunteers - serve over 12,000 patients each year.  The organization offers a broad range of services, including dental care, respite housing, vision care, social work services, medications and medical supplies, and screenings and preventive services, such as early detection for breast and cervical cancer.

In 2000, Gennesaret launched its Health Recovery Program.   

This program provides transitional housing to men after major surgery or medical illness.  In the article, Rebecca Seifert, the Executive Director of Gennesaret, noted that Gennesaret is the only organization in Indiana that provides medical respite for homeless men coming from the hospital.

IACED is proud of the important role Gennesaret plays in supporting Hoosier citizens in need.  To read the full IBJ article, click here.