About Us
Who We Are
Possum Kingdom Housing Cooperative is a revolutionary upstart housing cooperative in Eugene, OR to address the pressing housing crisis we face. In light of the ongoing struggles faced by countless individuals and families in securing affordable, stable, and generative community housing, the PK Co-op was formed with the aim of providing a sustainable solution. PK Co-op operates under a cooperative model, where members collectively own, manage, and govern the housing community, fostering an inclusive and democratic living environment for all residents.
Why a Community Land Trust?
A CLT ensures that the co-op will always stay affordable. And allows us to receive tax deductible donations for the down payment. It also maintains low-income eligibility, which means that only families living below 60% average median income would be eligible.
Why a Limited Equity Co-op?
- Direct control of housing – LECs are run by a self- governing group of residents who each own a share in the stock of the cooperative and pay a monthly membership fee to cover common expenses such as maintenance and reserves.
- Ongoing affordability – a resale formula that is created based on the initial share price at purchase, disallowing the rapid appreciation of price happening in our housing market right now. The formula is created to give sellers some equity, while also limiting that equity to maintain long-term affordability.
Partnerships
We are talking with Square One Villages, an already established Community Land Trust, about hosting this cooperative, which will allow the project to grow inside of a structure that already exists and will allow us to get bank financing to purchase the lot. squareonevillages.org
Grassroots Connect is a 501c3 fiscal sponsorship organization that has agreed to receive tax deductible funds and donations while the partnership between Possum Kingdom Housing Cooperative and Square One Villages is being worked out. grassrootsconnect.org
Finances
The property we need to buy is priced at $520,000. Although it is our intention to raise as much of the total cost as possible, in conjunction with financing—currently we are trying to raise $250,000 quickly in order to put up a significant down payment that will ease the financing for this project.
Please join us in fighting the housing crisis with a local community driven solution that will provide real, low-cost housing for decades to come!
The resources raised here will be allocated conditionally toward :
- Supporting an up to 6-month Lease-to-purchase agreement
- Down payment for the purchase price
- Property maintenance reserve
- All resources raised here will go towards the broad benefit of the Possum Kingdom Housing Cooperative