Shared wealth: Expanding our views on homeownership

How can Chicago neighborhoods balance growth and investment in their housing markets while preserving affordability for current and future residents? This was the main question explored at LISC Chicago’s first Community Conversation earlier this fall, hosted by Citi. The Conversation featured two tools that can make homeownership opportunities more accessible while securing affordability for future generations: Community Land Trusts and Limited Equity Cooperatives.  

Meghan Harte, LISC Chicago’s Executive Director, moderated a panel of four experts in the field of home ownership strategies:

• Dr. Byron Brazier, Network of Woodlawn shared that these tools need to be nestled into broader, coordinated neighborhood strategies rooted in community strengths: “How do I use the assets in my neighborhoods to develop ownership and wealth?”;
• Gené Moreno, Turner Group, advocated for new cultural definitions of wealth and ownership, and a recognition that various types of housing and financial structures, including shared ownership, are required for healthy communities;
• Jeffrey Leslie, Housing Initiative Clinic, University of Chicago Law School provided nuts and bolts details on the necessary elements to create land trusts and cooperatives; and
• Sean Harden, Chicago Community Loan Fund, shared CCLF’s experience in helping to create and finance community land trusts.

The panelists shared their expertise and views on the potential of increasing the number of people who can access wealth through shared ownership. They also recognized the growing body of knowledge from work around the country.

Panelists speaking about shared wealth and expanding our views on homeownership

The panelists, in addition to discussing the potential of these tools, also highlighted some challenges to growing a shared equity model in Chicago, and mentioned how different actors can promote these models:

• Public sector: where possible, return buildings or lands owned by public entities to local ownership, recognizing these as assets that belong to the community;
• Potential homebuyers: consider seeking out shared ownership structures, or if they do not exist in your community of choice, advocate for them;
• Financial institutions: adopt a willingness to lend to shared ownership models, and provide share loans to finance purchasers;
• Community-based organizations: consider shared ownership models as a part of integrated strategies to balance growth and affordability, and seek assistance to pursue these models; and,
• Housing ecosystem practitioners: provide support, partnership and guidance to community-based organizations interested in implementing these models

Ultimately, expanding our collective thinking on models of equity and ownership will be key to ensuring that Chicago residents have adequate options to invest in their own futures and those of their communities.

Thank you to our host, Citi, panelists and attendees – we invite anyone who is interested in continuing the conversation to contact us or the panelists. Please stay tuned as LISC rolls out more Community Conversations in 2019.

Contact Jack Swenson, (312) 422-9574 for more information on LISC Chicago’s housing work.