From mycocktaildress at aktivix.org Mon Jun 9 14:03:41 2014 From: mycocktaildress at aktivix.org (Anna Key) Date: Mon, 09 Jun 2014 15:03:41 +0100 Subject: [Sfcevents] SfC fringe event at Co-operative congress on capital for student housing co-ops. In-Reply-To: <78E9842B443B444EA1F96B51E04C2BD0@oem> References: <53833F9D.1020403@students.coop> <78E9842B443B444EA1F96B51E04C2BD0@oem> Message-ID: <5395BEBD.2030103@aktivix.org> Hi All, I'm really sorry but I will be taking Paternal Leave and won't be at congress. I think finding a long term solution ot the financing issue is really important and have propbably spoke to people about this before. A couple of very important points from my experience. 1) The Corporation Tax exemption is only available to Fully Mutual Housing co-ops and is only available to profits aquired from rental income from members. 2) A reducing capital balance. The RR model of debt based finance, means that the Co-op owes less money each year and eventually will become outright owners. A lot of current student housing co-op models are for other people to purchase the property and the co-op pay an equivalant amount as a mortgage but not end up owniong anything. This is only fair if the organisation owning it is using the income to purchase more student housing, otherwise the need of a roof over ones head is being used as a way of generating profits for someone else. I wish I could help you but good luck with the meeting andy On 26/05/14 14:52, Martin Meteyard wrote: > Sean, > > I broadly agree with your approach as you know, but unfortunately the > last train back to Edinburgh on Saturday is at 1803. Not sure I > necessarily need to be there though. > > Martin > > ----- Original Message ----- From: "Sean Farmelo" > To: "'Mike Shaw'" ; "Carl Taylor" > > Cc: "Vivian Woodell" ; "Cornerstone Cath" > ; "Rosie Evered" ; > "Anna Key" ; "Ian Rothwell" > ; "Corrigan Nadon-Nichols" > ; ; "Martin Meteyard" > > Sent: Monday, May 26, 2014 2:20 PM > Subject: SfC fringe event at Co-operative congress on capital for > student housing co-ops. > > >> Hi all, >> >> I'm getting in touch with you to suggest a round table discussion fringe >> event at Co-operative congress next month on the subject of a more >> organised approach to funding the new wave of student housing >> co-operative in the U.K. >> >> The plan is for the meeting to be held as a fringe event beginning at >> around 5.15pm on Saturday after the conclusion of Congress. I am going >> to provisionally booked an accessible meeting room venue in the nearby >> Briar Rose Hotel. If the timing is bad and people would rather it was at >> another point during the weekend then please flag it up and I can re-jig >> the booking. >> >> At present it looks like we are on track to get three co-operatives open >> for September 2014 Edinburgh have managed it through good connections >> with the local council and a friendly housing association. Birmingham >> and Sheffield will be managing it with support from the Phone Co-op. All >> though it may well work out well in these individual cases, I think it >> is obvious that we need some sort of a generic solution that will enable >> student groups across the country who aren't lucky enough to have those >> connections to access capital to buy their houses. >> >> I've been having quite a few conversations with groups across the >> country in the past month and there are active group in Aberdeen, >> Nottingham, Bradford, Sussex and London all looking to set up housing >> co-ops for September 2015. It would be a shame/a failure of the >> co-operative movement for all of the momentum to fizzle out because of a >> lack of access to capital. >> >> I will be putting my ideas down before the meeting but I'm sure people >> will have their own much better ideas to throw into the mix, however I'm >> keen have the session as a relatively productive one in which the >> discussion mainly focusses on the idea of having a single revolving loan >> fund or instead something similar to NASCO Properties in the U.S >> or the mega co-ops which have begun being discussed by Radical Routes. >> I.E a body owned by student co-ops which in turn owns the freeholds on >> the properties allowing it to in future leverage capital a lot easier >> than individual co-ops could alone. Whatever it is I think it needs to >> be up and running before the next set of housing co-ops get going in >> order to access the capital which will be created by them in the long >> term/ help them start up in the first place. It would be good if we went >> into the meeting with a coherent idea of what we want and then used the >> opportunity to work out how to actually make it happen - as opposed to >> discussing a whole raft of ideas and not achieving anything. >> >> Please hit reply all, rather than just sending me an email as I think it >> would be good for everyone to be on the same page before the meeting. >> >> For reference, >> >> people in this email (I haven't included everyone it's relevant to, eg >> just rosie from sheffield, just me from birmingham, so as not to confuse >> matters)- >> >> Mike - SfC network Co-ordinator >> Vivian - Phone Co-op >> Cath - SfC hub support >> Carl - Birmingham Co-operative Housing Services >> Rosie - Sheffield Student Housing Co-operative >> Andy - Radical Routes >> SfC events - events planning group >> Ian Rothwell - Co-op and Community Finance >> Corrigan - NASCO (presumably only able to participate via email!) >> Martin - SfC hub support >> >> Cheers, >> >> Sean. >> >> >> >> > > >