A Housing Alternative
Right now, we live in an economy that benefits only a few and harms our planet. Housing is one of the greatest basic needs, but instead of being considered a human right, it is being used as a profit extraction tool for investors. We need a housing alternative that ensures keeping a roof over our heads is permanently accessible and affordable.
Who we are
The Drakes Creek Cooperative is becoming the first publicly funded cooperative housing development in Davidson County! This model has been proven successful internationally and all over the country. As a resident at Drakes Creek, each member has the rights of a home-owner and votes to make decisions for the entire development. You’ll be able to participate in governance of a permanently affordable housing development.
Our Model
We support a model that combines a community land trust (CLT) and a limited-equity housing cooperative (LEHC). A community land trust is a nonprofit organization that holds land for a community to steward. The limited-equity housing co-op leases the land and owns their structures on top of the community land trust land. This allows for low monthly carrying charges that cover their share of mortgage, insurance, taxes, etc. Instead of rent, LEC shareholders pay a monthly maintenance fee. These fees fund the daily operations of the building like property management, taxes, insurance, repairs, and the mortgage cost. The co-op resident-owner builds wealth by saving on lower monthly costs, stable cost-controlled housing, and increased equity on their initial buy-in share.
Limited-equity housing cooperatives can be pathways to permanent affordable housing for all. Drakes Creek is for residents who make 50% AMI or less. Instead of housing for profit, a housing cooperative is run at cost. At Drakes Creek, we are targeting an annual increase of 3% or LESS significantly less than the average rent increase of 7.5% in the area. Because you get to decide the budget, you get to help manage the costs!
Our Partners
- Urban Homesteading Assistance Board
- Housing Cooperative Lead
- Training, TA, Compliance, Organization
- Largest manager of affordable co-ops in the country, over 30,000 units created since 1973
- Polk & Associates Construction
- Development and Construction Partner
- Federal/State contractor and developer
- Selected work includes the Nashville Airport Concourse Expansion and the new Titans Stadium as a lead partner
- MFX Ventures Consulting
- Financial Modeling and Owner’s Rep
- Over $500M of projects modeled for clients, especially in the affordable housing space
- Experience includes LIHTC, CITC, NMTC, and other tax structures
- William Franklin Buchanan Community Development Corporation
- Owner, Sponsor, and Project Manager
- Development Oversight Lead Experienced in Affordable Housing Development
- Management services, Workforce Development and Business Investment services, as well as Homeownership Training and Personal Finance Education
- Southeast Center for Cooperative Development
- Co-sponsor and Cooperative Oversight Lead
- Focuses on creating economic opportunities and benefits by creating and strengthening cooperative businesses and networks that grow an equitable economy in both housing and businesses
- Directly have created and supported over 22 cooperatives