AREA Properties Vision:
Housing Cooperative
As parents of individuals with special needs, we face the difficult reality that our ability to care for our adult children will eventually decline, and they are likely to outlive us by decades. This brings up several pressing questions: Where will they live? Who will take care of them? What happens if their rent increases, or their building is sold or repurposed? Is it fair to burden their siblings with the responsibility of housing? Will they be forced to live far from their limited social circles? The prospect of them spending their lives in low-income rental units or group homes in unwelcoming neighborhoods is far from ideal.
Our Vision
We aim to create a physical environment where our children:
- Own their residence, eliminating the constant threat of relocation.
- Live in a community designed specifically for individuals with special needs.
- Avoid the daily struggle to fit in.
- Can interact with friends and peers spontaneously and regularly.
Our Approach: Form A Housing Cooperative
We envision a housing cooperative to provide lifetime housing for our adult children with special needs in a supportive and collegial environment. Key elements of our vision include:
- Location:Preferably in Montgomery County, Maryland.
- Housing Type:Suburban small single-family homes or townhouses, comprising 15-20 units.
- Market Pricing:Homes will be priced at the current market rates for new homes in Montgomery County.
- Cooperative Shareholders:Families and special trusts of individuals with special needs.
- Functional Sustainability:We want to fill a market void at a reasonable cost over multiple generations, not offer an investment windfall.
A Private Venture ...
This project is tailored to a specific need and is best suited as a private venture. Government or charitable non-profits often require a "one size fits all" approach, which is not practical for our specialized mission. This venture focuses on the specific needs of a few families willing to invest the necessary money, time, and resources for success.
By pursuing this innovative path, we hope to provide our adult children with a secure, supportive, and permanent housing solution that allows them to thrive within a community designed for their needs.
...With A Public Connection
We are dreamers committed to creating a vibrant, inclusive community. Our vision involves the housing cooperative acquiring a site large enough to allocate recreational acreage, which will be subdivided and sold at market value to the charitable nonprofit, The Neighborhood of Maryland. Control of an optimal site will empower them to develop the “Enrichment Center” prototype, as described on our “Special Needs Community” page.
The Challenge
Currently, there are few suitable housing options in the U.S., especially for those who lack the communication and life skills to live independently. What we seek has not been successfully done before. There is no existing template for success. After four years of exploring traditional real estate development approaches, we have decided to change our tactics and pursue a nontraditional path.
The Benefits of a Housing Cooperative
We believe a housing cooperative is the ideal form of ownership due to several advantages:
- Shared Philosophy and Purpose:The charter will ensure every shareholder is aligned with the cooperative's mission and management direction.
- Continuity:Group management will mitigate the impact of a parent's or shareholder's death, as the community collectively oversees property
- Long-term Maintenance:Cooperative management will fund exterior capital improvements through monthly fees, ensuring the neighborhood remains well-maintained indefinitely.
- Shared Value:We are considering a "limited equity" cooperative model, which will provide shareholders with a fixed annual return on their investment upon sale, with excess proceeds benefiting the cooperative.
The End Game
When we succeed, we envision a significant shift in the housing paradigm for adults with special needs:
- A Successful Template:We will have developed and implemented a successful model, paving the way for future iterations to continually improve upon it.
- Market Recognition:The market will acknowledge this as a viable and untapped demand, with people willing to pay market prices for housing tailored to the needs of individuals with special
- Government Policy Changes:Government at all levels will recognize that "special needs housing" and "affordable housing" are fundamentally different and mandating that they be combined defies logic.
- Enhanced Quality of Life:Our children will have a much better chance of living fulfilling lives with stability, social connections, and companionship.
If you have the interest, resources, energy, and perseverance to navigate daily challenges, we would love to hear from you!