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The Best of Three Worlds
By Michael Lewis and Pat Conaty
Mutual Home Ownership combines housing affordability with equity and fairness
\
s thls artlcle hlts the alraes, a |rana ne heusln
neael ls seeln the llht el aa. 0elsea te help scale up
alleraa|le heusln selutlens ln the cltles el Lnlana ana
vales, the llrst Mutual uene 0nershlp :eclet (Mu0:) lll
cele|rate a sea-turnln ln leeas ln 0ecen|er !0JJ. Jhe call
the aeelepnent lll\t (le lnpact llln \lleraa|le
tennunlt), an apt aescrlptlen ler an ur|an ece-lllae that
prenlses cenllal, nultleneratlenal llln ln hlh-elllclenc,
le-car|en ce-eperatle heusln. \na alleraa|le tee: lts unlue
structure accenneaates a nl\ el lncene reups - net an eas
thln ln cltles here lana-lllppln arles prepert alues up ana
alleraa|lllt aen.
Jake Mlchael here, ler lnstance. vere he te tr ana |u the llttle )00
suare leet, !-stere apartnent here he lles ln \anceuer, .t., he
eula hae te cene up lth at least ;5]0,000. lle ears ae lt as
;]00,000. 0erek, a |uaa el hls he lles en the street, lauhs, l chese
nuslc eer shelter ears ae, l ceula net allera te lle ln an apartnent ana
ae hat l lee!
Mutual hene enershlp ls a lasclnatln strataen aeslnea te leerae
the aaantaes el three er alllerent neaels, all el hlch hae |een
areuna ler the last +0-J00 ears: cennunlt lana trusts (lnltea :tates),
sharea eult tenant ce-eperatles (:eaen), ana the lslen el the
letcherth 0araen tlt (Lnlana). Jhe result ceula ell |ecene a
eneratle !Jst-centur neael el lalr ana sustalna|le heusln.
tlJs ensure that a ;J00,000 prepert aees net aeu|le ln prlce eer lle
ears. ln the l.:. here the neael has aaancea the lurthest, tlJs are
attractln nere ana nere attentlen ler three reasens: the presere
alleraa|lllt ln perpetult, the presere ta\paer lnestnents ln le
lncene heusln, ana the hae super-le lnclaences el lereclesure.
vh? lt ls slnple, reall! llrst, the enershlp ana centrel el lana ls
separatea lren the enershlp ana centrel el the |ullalns en that lana.
Jhe lana ls hela eutslae el the narket ln a trust that ls leall |euna te
presere the lana ler alleraa|le heusln. :ecena, hen the |u a heuse
en tlJ lana, heneeners aree te a resale lernula hlch alles then te
nake a neaest aln ln eult, |ut neer a lnalall prellt.
Community Land Trusts (CLTs)
LILAC hopes to have 20 homes and a common house
complete by mid-2012, integrating co-operative community
with ecological design and long-term affordability. The .7
hectares, the site of demolished primary school, offer plenty
of heat and light for homes that minimize carbon emissions
by means of a prefabricated strawbale building system,
Modcell. Artists sketch courtesy of White Design.
2011 dec 15 1
2011 dec 15 2
lt ls a peerlul neael. ln urllnten,
\ernent the thanplaln ueusln Jrust has a|eut
!,000 heusln unlts hlch are ne pernanentl
alleraa|le. Jhat nakes a |l alllerence ln a
ten lth a pepulatlen el enl +0,000. (:ee
\lleraa|lllt leckea ln: tennunlt lana
trusts - eea nes ler heusehelas, cennunl-
tles, & ta\paers, , \een|er !, !0JJ.)
Jenant enershlp ce-eps alller ln seeral as
lren the heusln ce-eperatles cennen ln
tanaaa. lnaer thls :ealsh neael, the ce-ep
ens the lana ana the |ullaln ana rants
eccupanc rlhts te the ce-ep`s apartnents te the
nen|er tenants unaer the terns el a nen|er`s
areenent. Jhe nen|ers are alse etln
sharehelaer-eners el the ce-ep. Men|ers alse
hae a llnltea eult stake (tplcall ]0) ln the
alue el the apartnent the eccup. Jhe |u thls
stake hen the |ecene a nen|er ana sell
hen the leae.
/1
Swedens Tenant
Ownership Co-operatives
lt ls |l - tenant enershlp ce-eperatles
cenprlse J8 el :eaen`s natlenal heusln
steck, ln lact. 0ne el the naln reasens ls that
natlenall the hae createa te ke ce-eperatle
aeelepnent eranliatlens - the nether er
secenaar heusln ce-eps, u: 8lkslr|una ana
8lks|en. eth help ne ce-eps te et eln |
ne|llliln salns ana | helpln te eranlie
ether le-cest llnancln lren aaaltlenal |ank
leans. Jhe aauhters are the 5,500 prlnar
tenant enershlp ce-eps. Jhe are lecall |asea,
nanae thelr en allalrs, ana et help lren the
nethers as neeaea ler lurther aeelepnent.
llnance ls a nl\ el aen panents (elten
persenal salns ana a persenal lean - tplcall
]0 el cest) en the part el the tenants, ana
|ank llnancln (a cerperate lean te the ce-
eperatle). vhen nen|ers leae the ce-ep, the
sell thelr eult share te ne nen|ers. ln thls
a, peeple can earn a llnltea eult stake ln the
alue el thelr hene. u: ana 8lks|en asslst
the aauhter ce-eps ln nanaln the sale el the
eccupanc rlhts ana the eult stake hen a
nen|er aeparts.
ln sene ur|an areas lth hlh lana alues,
llke :teckheln ana 0ethen|ur, heusln prlce
lnllatlen has |ecene a pre|len, at least ler
leer lncene peeple. Jhe can ne lener allera
te jeln a tenant enershlp ce-ep. 8estrlctlens
en the sale prlce el nen|ers` llnltea eult
stakes ere reneea | eernnent aereula-
tlen el the heusln ce-ep secter ln the J)80s.
Jhls alleea the alue el eccupanc rlhts te
lleat ln a lree narket ler nen|er`s eult
stakes. vltheut a re-sale lernula such as the
tlJ neael prelaes, the :ealsh neael ln
sene areas has neea upnarket te |ecene the
presere el peeple lth hlher lncenes.
Jhls thlra lnsplratlen te the Mu0: aeslners
aates |ack te J8)) hen L|eneier ueara
esta|llshea a ce-eperatle lana seclet, llrst
0araen tlt lta., te ralse lnltlal share capltal el
x!0,000. uls lslen as te use the nene te
|ulla ne cltles here the lana as enea
cellectlel. letcherth, uertlerashlre, 50 kn
nerth el lenaen, as launchea ln J)0]. ln 50
ears lts pepulatlen re te ]],000 ana lt
thrlea ler a shert perlea alter that. helaln
the lana (5,o00 acres), the ce-eperatle lana
seclet as a|le te capture lease lncene lren
the lana, lren cennerclal |ullalns, ana lren
a arlet el seclal enterprlses lt enea, ana
centlnueusl relnest that nene ln cennunlt
lnpreenents. 8eslaents ere enaea ln a
nutual |enellt ssten el unpreceaentea scale.
llln as alleraa|le, cenllal, ana peeple haa
hat the neeaea clese |.
ln J)oJ a reup el cerperate ralaers ana
llnanclers attenptea te take eer the lana,
aenutuallie the eranliatlen, ana |reak the
|ack el the ce-eperatle lana seclet. Jhe
natlenal eernnent successlull leuht ell the
The Garden City of Letchworth
Garden Cities were to separate residential from
industrial areas, feature many trees and open spaces,
and be surrounded by belts of agricultural land.
Payments for community services (rates) plus lease
payments (rents) would create revenue for the co-
operative and returns for its members. At Letchworth
(left), cottage building competitions provided a venue to
experiments with pre-fabrication, home garden plots,
and new building materials. Photocredit: Kingsway Real
Photo Series. Photo courtesy of Margaret Pierce.
1a/ae/ |aoe aaae/s|// /ere/ees /|e e4rea/ees a/ /|/ee re/,
4///e/ea/ oa4e/s caooaa//, /ea4 //as/s s|e/e4 ea//, /eaea/
ca-a/e/e//res ea4 /|e r/s/aa a/ /|e /e/c|aa//| 6e/4ea 6//, I|e
/esa// caa/4 ae// |ecaoe e eae/e//re 2Is/-cea/a/, oa4e/ a/ /e//
ea4 sas/e/ae|/e |aas/a
enslauht, |ut lcter cane at a cest. Jhe ce-
eperatle enershlp el the lana as translernea
lnte pu|llc enershlp. Jhen ln J))5 lt as
chanea |ack te a ta\-e\enpt nutual structure
ana the lana assets translerrea te the ne
letcherth 0araen tlt uerltae terperatlen
(lth a leal structure llke that hlch L|eneier
ueara esta|llshea ln J)0]). Lssentlall a tlJ,
thls ne ce-eperatle lana seclet has realnea
a nun|er el lana assets lth )))-ear leases.
Man el the henes ere esta|llshea lth ))-
ear leases, heeer. Jhe J)o7 leasehela 8elern
\ct ae ener-eccuplers ln the l.K. the rlht te
|u thelr lease at an alleraa|le prlce. \s a result,
as the ))-ear leases cene up ler reneal
, reslaents are purchasln the
prepertles ana, lelleln the lelc el the real
estate narket, resellln then at a slnlllcant
prellt.
ue te cen|lne the |est leatures el each el
these neaels hlle aelaln thelr respectle
eaknesses - thls as the puiile lat tenat el
the \e Lcenenlcs leunaatlen set eut te sele
lth a tean el researchers. Jhelr neel selutlen
at
letcherth
The MHOS Model
as the Mu0:, ana lt has slnce |een chan-
plenea | t0: te-eperatles, Lnlana`s larest
ce-eperatle heusln serlce aenc, ana lts
tL0, 0ala 8eaers.
\s the alaran shes (a|ee), the
cennunlt lana trust ls central te the Mu0:
neael. Jhe trust ens the lana ana helas lt ler
the purpese el preserln alleraa|lllt ln
perpetult. Jhe trust lssues a heaa lease te a
tenant enershlp ce-eperatle hlch ena|les
|eth the lana trust ana the ce-ep te eranlie the
llnancln, lth help lren t0:. Jhe tenant
enershlp ce-ep ls then respensl|le ler ettln
the actual censtructlen cenpletea lth suppert
lren an e\pert aeelepnent aent, a serlce
hlch t0: alse prelaes.
Jhe eentual nertae that pas ler the
|ulla cest ls hela cerperatel | the ce-ep. llke
the :ealsh neael, nen|er-eners lease thelr
unlts lren the ce-ep. 0ne prereulslte ls a
aepeslt el 5-J0 hlch ls cenertea lnte
eult shares ln the ce-ep. Jherealter eult
shares are alse lunaea threuh nen|ers` rental
panents. Jhese panents, the asset ana the
lana securlt prelaea | the trust, ana the ce-
ep`s prejectea lease lncene teether lern the
|asls ler llnancln each preject. Jhe peelln el
J
reseurces lnte a slnle nertae packae helps
reauce the cest el llnancln, hlch ls an
lnpertant centrl|utlen te alleraa|lllt. (ln the
l.K`s current rlsk-aerse narket, lnallaual
nertaes are especlall hara ler prespectle
hene eners te cene |.) \nether cest salns
lles lren the asslnnent el eult shares ana
eccupanc rlhts | nen|ers. Jhls ellnlnates
the leal ana ether clesln cests that are part el
|uln ana sellln heuses.
0nce censtructlen ls cenplete, the ce-ep
lssues !0-ear renea|le leases te nen|ers.
Jhe can sta as len as the ant, se len as
the neet thelr e|llatlens. 0ne el the nest
lnpertant e|llatlens ls te nake lease
panents calculatea at ]5 el nenthl
heusehela lncene, alter ta\es ana aeauctlens.
ll n heusehela`s take-hene lncene ls ;J,500
per nenth, e lll pa ;5!5. vere e earnln
;5,000 per nenth, e eula pa ;J,750 per
nenth ler the sane unlt.
Jhls seens lalr ana eulta|le. (lt`s a
lernula lael usea | ce-eps ln tanaaa.)
ueeer, the aeslners lsel leuna a a te
recenlie the hlher centrl|uters. Jhls ls here
the shares cene ln. Ler|ea pas the aepeslt
up lrent. Jhese |ecene shares, lth a lace
COMMUNITY
LAND TRUST
CO-OPERATIVE
LENDER/
INVESTOR
CLT licenses
construction &
leases land
CLT & Co-op
secure building loan
Incoming members purchase
occupancy rights & equity shares
from outgoing members
CLT holds land title,
by purchase or donation
Co-op hires service agency to provide
maintenance, cleaning, financial
management, governance advice.
Co-op builds & owns housing
The Mutual Home Ownership Society
provides
long-term
loan
Shared Equity Co-op Housing
Outgoing members leave with the
growth in value of the equity shares
they financed (minus an agreed %)
Co-op members pay an income-related monthly fee for mortgage,
management, maintenance, cleaning, etc. When they can pay
more, they are expected to do so. Their deposit & contributions
to mortgage repayment finance their equity shares in the co-op.
Source: Lewis and Conaty, (New Society, 2012) The Resilience Imperative
2011 dec 15 3
1. Total Net
Household Income
2. 35% of net household
income for housing costs
3. Less revenue costs
payable for all members
4. Net monthly payment
for corporate mortgage
loan repayment
5. Capital value of
corporate loan serviced
6. Number of equity shares
funded by monthly payment
7. Add equity shares
paid as 5% deposit
8. Total equity shares owned
9. Monthly cost of each
additional equity share
14,406 16,688 18,845 23,108 26,318 32,738
5,077 5,841 6,596 8,088 9,211 11,548
(i) Management 33 33 33 33 33 33
(ii) Maintenance 53 53 53 53 53 53
(iii) Service costs 18 18 18 18 18 18
319 382 445 570 663 850
64,336 77,190 89,892 114,997 133,900 171,707
64 77 90 115 134 172
7 9 10 13 15 19
71 86 100 128 149 191
4.95 4.95 4.95 4.95 4.95 4.95

Table: Mutual Home Ownership
Monthly Costs () and Equity Shares for 2-Income Household
alue at thelr lssue aate el xJ,000 each. \s the cerperate ae|t ees aen ana as (er ll) aerae earnlns
rlse eer tlne, the alue el the shares ees up. :lnce the lease panents are hat pa aen the ae|t,
these he pa hlher lease rental chares llnance nere eult shares. Jhe aeslners alse learnea lren
the :ealsh e\perlence ana |ullt a re-sale lernula lnte the lease te ensure len-tern alleraa|lllt. Jhat
ls h eult share alue ls llnkea te aerae earnlns.
lastl, ce-ep nen|ers aenecratlcall centrel the nanaenent ana the nalntenance el thelr
henes. Jhe jelntl eranlie heusln repalrs ana centrel nanaenent ana serlces. \s lll\t
aenenstrates, le er iere-car|en heusln selutlens can |e plannea ana lnplenentea, lnclualn
cen|lnea heat ana peer sstens, pheteeltalcs, ana (perhaps ln the luture) electreltlc peer
eneratlen lren ce-eperatlel-enea hareen luel cells, petentlall the cleanest luel en the planet.
Jhese are the |aslcs el the neael. \e let`s leek nere clesel at the eulta|le nutuallt lt leatures.
Jhe ta|le |ele lllustrates he Mutual uene 0nershlp prelaes ler eulta|le lease rates |asea en
lncene leel, ana he leer ana nlaale lncene nen|ers can earn llnltea eult returns as ell.
Je keep thlns slnple, the ta|le |ele applles the neael erks te a !-|eareen heusehela eccuplea
| te erkln aaults llln elther en thelr en er lth ene te te chllaren. Jhe lncene llures are
areatea ler |eth earners ana net el l.K. ta\, penslen, ana ether ae ana salar aeauctlens.
!
A Closer Look at Mutuality & Equity
2011 dec 15 4
w//| /|e /aa/a /a/e/es/ eoaa sac/e/ /ares/a/s ea4 /eas/aa /aa4s /a
/aae/ /e/o se/e ea4 /e//a/o/a esse/s /|e/e /s oac| /a /ecaooea4 /|e
100 oa4e/ // /s ae/caoe aeas /a oaa/c//e////es a|e/e |aas/a /s
/aa/a aae//a/4e|/e /a /e/e aao|e/s a/ /es/4ea/s
Rsum : Le meilleur
de trois mondes
Pat Conaty de la New Economics Foundation a
une nouvelle faon de rendre le logement plus
abordable au Royaume-Uni. La Mutual Home
Ownership Society (MHOS) [Socit mutuelle
de proprit domiciliaire] combine les
avantages de trois stratgies. Une community
land trust [fiducie foncire communautaire] est
propritaire du terrain et le loue une tenant
ownership co-operative [cooprative de
locataires-propritaires]. Avec laide de la
fiducie foncire, la cooprative ngocie une
hypothque avec un prteur. Ou bien, des
emprunts dinvestissements de logements
mutuels pourraient tre vendus pour financer
ldifice, tel que ce fut le cas de Garden City
Letchworth il y a 100 ans.
Lorsque la construction est complte, la
cooprative met des baux renouvelables aux
membres-locataires. Une de leurs responsabili-
ts est un paiement de loyer calcul 35 % du
revenu mensuel du mnage, aprs impts et
dductions. Ces paiements et un versement de
5 10 % leur donnent droit des actions de
participation de la cooprative. Les mnages
qui font de plus gros paiements de loyer
obtiennent plus dactions. mesure que la
dette de la cooprative diminue (et si la
moyenne de revenus des membres augmente
dans le temps), la valeur des actions augmente.
Les membres qui quittent la cooprative
partent avec la croissance dans la valeur des
actions quils ont finances (moins un
pourcentage convenu). Les membres qui
arrivent achtent des droits doccupation et
des parts des membres qui quittent la
cooprative. Une formule de revente dans le
bail assure labordabilit long terme de
chaque logement.
Les MHOS sont de bonnes nouvelles pour
les municipalits o le logement devient non
abordable pour de grands nombres de
rsidents, incluant plusieurs employs du
secteur public. Si les promoteurs de MHOS
peuvent acqurir du terrain des cots en de
du march, ils peuvent par la suite offrir un
investissement trs scuritaire aux prteurs ou
aux investisseurs sociaux. Ils peuvent amliorer
la proprit long terme et attirer des
membres-locataires tant avec du logement
faible cot que la perspective de crer une
valeur nette sans mettre en danger
labordabilit des logements. LILAC, la premire
MHOS de lAngleterre, est actuellement en
construction dans la rgion du Leeds.
Jhe ke ls the nenthl panent (llne +)
ana the eult shares lunaea ana enea |
the nen|er (llne 8). Jhe cerperate ae|t that a
leasehelaer serlces threuh hls/her lease
panents er aepeslt ls preresslel cenertea
lnte eult shares. \s nen|ers serlce the ae|t
el the ce-eperatle at alllerent leels (|ecause
thelr panents are lncene-relatea), lt ls lalr
that the en unlts el eult, representea as
thelr heusehela`s shares ln the nutuall-enea
heusln assets. Jhe net alue el the nen|er`s
eult shares lncrease ln alue as the cellectle
cerperate lean ls repala ana ln llne lth the
lncrease ln aerae earnlns eer tlne. (Jhls
assunes that aerae earnlns lncrease. ll the
ae net, eult share alues ceula lall.) llne 5
shes the snaller ana larer pertlens el ae|t te
|e repala | nen|ers lth alllerent leels el
lncene.
\ resale lernula pernlts a neaest return
en the sale el eult shares. Jhe lelleln
e\anple el a resale lernula assunes an annual
lncrease el +.5 ln heusehela lncene (l.e., an
annual rlse el ].5 ln the 8etall lrlce lnae\
plus a reth el J ln real earnlns.) ln ten
ears thls e\anple eula lela nen|ers a net
reslaents, net least these ln ke pu|llc secter
je|s, lnclualn teachers ana llre aepartnent
enpleees. Jhe nunlclpallt that ens lana er
has leasehela lana cenln up ler reneal
eula ae ell te use these as eppertunltles te
junp-start ana e\pana en the Mu0: neael.
:ecenal, the te-eperatle ueusln llnance
:eclet lta, esta|llshea | t0:, can prelae a
J-ear lnterest uarantee, an aaaltlenal leel
el securlt. ln aaaltlen, the natlenal tennunlt
lana Jrust luna can asslst lth lnltlal rlsk
llnancln cests ana secure aaaltlenal
llnancln ler the censtructlen llnancln
phase. reaaenln the current scepe el lean
uarantees eula |e helplul ana t0:
te-eperatles ls erkln lth llnanclal aalsers
ana lenaers, lnclualn the te-eperatle ank
ana the te-eperatle 0reup, te aeternlne the
leasl|lllt el esta|llshln a x!00 nllllen lenaln
laclllt te suppert ne Mu0: prejects. Jhe
velsh eernnent has just anneuncea a preject
te erk lth t0: te aeelep Mu0: acress vales
ln the ne\t le ears.
Jhlral, Mu0: can |e lunaea cerperatel
elther | |ank lenaers er threuh nutual
heusln lnestnent |enas. Jhe latter can eller
2011 dec 15 5
In the heart of London, CDS Co-operatives has
recently completed the Lithos Road Housing
Co-op, which includes 13 rental units and nine
shared equity units. In the latter, after the
example of tenant ownership co-ops in
Sweden (and unlike Canadian housing co-ops),
the tenant-members build equity in the co-op
through their monthly payments. This mixture
of rental and shared equity is how MHOS are
likely to function in big cities. Photo courtesy of
CDS Co-operatives.
eult alue (net el the eutstanaln cerperate
lean |alance) as lelles:
7J shares ~ xJ],]J+
8o shares ~ xJo,!7J
J00 shares ~ xJ8,)J)
J!8 shares ~ x!+,!J7
J+) shares ~ x!8,J)0
J)J shares ~ x]o,J]o
llnancln ls ke - ler lana aculsltlen ana ler
nertaes. vlth the reln lnterest anen
seclal lnesters ana penslen lunas ln lener
tern, sale, ana perlernln assets, there ls
nuch te recennena thls neael.
llrstl, ll Mu0: aeelepers can purchase
lana at |ele-narket alue lth suppert lren
natlenal eernnents er lecal autherltles,
lnesters can |e ellerea a eea leel el securlt
en a lean-te-alue |asls (the ratle el the asset
alue te the cerperate lean), the lana at less
than narket alue prelaln the asset ceer
reulrea | the lenaer/lnester. Jhls ls elcene
nes te nunlclpalltles here heusln ls
reln unalleraa|le te lare nun|ers el

Scaling Up Mutuality
a secure rate el return ler ethlcal, nunlclpal,
traae unlen, er ether tpes el seclal lnester.
turrentl t0: ls usln thls neans te tr ana
secure +0-o0 ear nertae llnance lren
penslen lunas. Jhls ls nuch llke the strate
(a nl\ el len-tern nertae llnance |ele
+) hlch letcherth enpleea te |ulla the
0araen tlt a centur ae.
ln sunnar, Mutual uene 0nershlp ls
alleraa|le |ecause:
lease panents are a set ratle (]5) el net
heusehela lncene.
leer-lncene nen|ers can aculre eult
shares. (ln ten ears the eult aalla|le te
a le-lncene nen|er ls alnest eual te
thelr annual lncene.)
nen|ers can |u nere shares as thelr
lncenes rlse.
transactlen cests are reaucea. lrepertles
are net |euht ana sela, lnsteaa, eult
shares ana eccupanc rlhts are e\chanea
| asslnnent.
eer the lener tern, |erreln cests
sheula |e cheaper as lener tern llnancln
ls securea lren penslen lunas.
the llnkae te aerae earnlns helps
reauce rlsk ana nalntalns the alleraa|lllt
el the hene.
\eu`e heara el thlns that eller the |est
el |eth erlas. Mutual uene 0nershlp
cen|lnes the |est el three - cennunlt lana
]
+

trusts, tenant ce-eperatles, ana ce-eperatle

lana secletles. Jhe neael keeps heusln
pernanentl alleraa|le hlle lln current
nen|er-tenants lncentles te nalntaln thelr
aellln ana te centrl|ute as nuch as the can te
paln aen the cellectle ae|t. \s the lll\t
Lcelllae shes, the neael enceuraes
enlrennentall sustalna|le heusln, hlch ls
preln easler te llnance. tellectle nertaes
can secure lnterest rate alsceunts ana there|
lnest ln renea|le ener neasures ana hlher
leels el thernal lnsulatlen. \ctle cltlienshlp
ana cennunlt enaenent are lnltea ln te
arenas, the tenant enershlp ce-eperatle ana
the cennunlt lana trust. qulte slnpl, lt ls a
neael that nanaes te reccle lts |enellts lren
ene eneratlen el eccupants te the ne\t.
J
!
]
+
0ata ln thls lnalcatle ta|le ls aran lren lnlerna-
tlen prelaea | 0ala 8eaers el t0: te-eperatles.
0ala 8eaers, Mutuall enellclal, ln
(lenaen:
:helter, [une !00)), pp. ]+-]7.
:ee 0ala 8eaers, \e leunaatlens: lnleckln the
letentlal ler \lleraa|le uenes (lenaen: Jhe te-
eperatle lart, [anuar !00)).
:ee l. tenat, [ehnsten lrchall, :tee enale, ana
8esenar leltt, tennen 0reuna - ler Mutual
uene 0nershlp (\e Lcenenlcs leunaatlen ana
t0: te-eperatles, 0cte|er !00]).
*URXQG
EUHDNLQJ1HZLGHDVRQKRXVLQJGHOLYHU\
References
2011 dec 15 6
l
+
+
l
is an ejournal about Inspiring, Innovating, Inciting,
and Inventing ways of life and work that permit
humanity and the planet to thrive in this century of
unprecedented challenges. is a publication of the
Canadian Centre for Community Renewal.
B.C.-Alberta Social Economy Research Alliance
BALTA
The Best of Three Worlds is part of the special series
Housing We Can Afford, concerning the role of the
social economy in resolving the growing shortage of
affordable housing. The series is sponsored by the BC-
Alberta Social Economy Research Alliance.
i4
This text is an excerpt from
, by Michael Lewis
and Pat Conaty (forthcoming, New Society
Books, 2012). It explains how we can
power down our economies to a more
local and sustain-able level and thereby meet the
challenges of climate change and rising energy prices.
The Resilience
Imperative: Co-operative Transitions to a
Steady-State Economy
Click here to pre-order!
MICHAEL LEWIS is editor of , Executive Director of the
Canadian Centre for Community Renewal, a founding
member of the Canadian CED Network, and lead
investigator for the BC-Alberta Social Economy Research
Alliance (BALTA). Contact him at ccelewis@xplornet.com.
PAT CONATY is a research fellow at the New Economics
Foundation, London, England, a BALTA collaborator,
and most recently, a research associate with Co-
operatives UK. Contact him at pat.commonfutures
@phonecoop.coop. They thank DAVID RODGERS,
Executive Director of CDS Co-operatives (U.K.) and
President of the Housing Sector of the International
Co-operative Alliance for his assistance in the
preparation of this article.
i4