Community-led housing that is delivered by YorSpace is developed in partnership with residents, grant funders, investors, City of York Council and volunteers. Development results in autonomous resident Mutual Home Ownership Societies (MHOS) leasing land from YorSpace upon which their homes are built. To achieve this result, development occurs in three phases: Pre-development, development and post-development.
Pre-development is characterised by: site identification, viability assessment, forming a residents group, negotiating the land purchase, applying for planning permission, raising community share capital and purchase of land.
Development is characterised by: formation of the residents MHOS, leasing of land to the MHOS, a loan arrangement set up between YorSpace and the MHOS with a reciprocal development agreement between YorSpace and MHOS signed. These agreements provide advice, support and Clerk of Work to the MHOS by YorSpace and guarantee the MHOS will create the housing for which YorSpace has obtained planning permission. The MHOS take responsibility for raising development loan funding and completing the construction process, with support from YorSpace.
Post-development is characterised by: Residents taking possession of housing and the loan for the premium starting to be repaid. Investors are able to begin withdrawing share capital during this period.