Nickel City Housing Corporation.
The Nickel City Housing Corporation was formed in 2000 by individuals who wanted to create an alternative to Buffalo's traditional housing model. Following the examples that exist in many Midwest Cities, the incorporators developed a model of affordable home-ownership that accounts for multiple owners. In differentiation to a landlord owning a property and leasing to tenants, the model anticipates ownership of the property by the Corporation, which in turn is owned by the tenants. The living situation is somewhat similar to renting though Units within the property are directly tied to shares of stock in the Corporation, and tenants are therefore considered “Member-Owners.”
After the initial plan was formed, the group began research on Buffalo’s available real estate and the feasibility of the project. Many factors were taken into consideration, especially the size and location of the house, and the expected cost to the Member-Owners. Quickly the house at 208 North St became the most agreeable selection, followed by a few other possible houses. At the Erie County foreclosure auction on June 4th the group was the successful bidder for 208 North St at $65,000 and put down the required 20% down-payment of $13,000. Immediately afterward the Nickel City Housing Corporation was officially incorporated under New York State not-for-profit law.
NASCO Properties.
Since the auction, the Corporation sought to create a complete and sound assessment of: the house historically and present, the necessary repairs and maintenance, the living situation and community, the budget and the overall feasibility of the project. The goal was then to secure financing for the remaining balance on the purchase and for the necessary repairs needed. This is where North American Students of Cooperation (NASCO) and NASCO Properties (NP) stepped in. NASCO Properties helped the founders secure funding to finish purchasing the house, as well as complete renovations and repairs. By joining with the nation-wide network of Co-ops in NP, the costs of restoration were defrayed across a larger group with the mission to expand cooperatives. All the houses in the NP network contribute to a common maintenance fund which allows co-ops to perform capital maintenance that they might not be able to afford individually.
On to the Future.
Since the involvement with NP, the state of the house moved quickly to a livable structure, with the official opening in 2004. The internal community developed a structure with its founding principles integral. The house has had 39 members between 2000 and 2005. The last of the founding members moved out in the summer of 2005. From here, Nickel City has moved on into the next stage of its development. In August 2006, the joint efforts of Nickel City and NP brought about Buffalo's second housing cooperative. With major renovations nearing completion in April 2007, Plankton has its doors open and ready to accept new members. It is the hope that Ol' Wondermoth (newly renamed old house) and Plankton (new house) will be use their collective resources to further develop housing cooperatives in Buffalo under the Nickel City umbrella. The founders secured the foundation and started the community. It is now the task of the current members to strengthen that community so that it can carry on to the next group to take up the project.
Co-op Journal Entries
Nicole's Room (June 2003)
Gardenwalk (July 2003)
Letter From Emily (August 2003)
Scary Stories (October 2003)
Letter From Jason (October 2003)
Letter to Pizza Hut (August 2003)
The Crime Scene (undated)
The Couch That Breeds Sleepy Men (undated)
Less Parking More Living (Summer 2004)
Letter From Kristin (April 2004)
Letter From Adrien (June 2004)
A Declaration of War (November 2004)
The Tragic Death of Optimus Prime (December (2004)
The Puzzle Masters (March 2005)
Want to learn more? Stop by for our weekly potluck, every Wednesday at 7pm!
|
|
