A group of residents in the New Center neighborhood are forming a nonprofit housing cooperative, a move the residents contend is the only way they can secure affordable and safe living conditions in an era of fast-rising rents.
Takiella Fields is one of the six core members of the nascent Gotham Detroit Inc., which aims to buy a Detroit apartment building where each resident owns and controls the property. Like several members of the group, she currently lives in a Detroit apartment complex where some residents formed a tenant's association as they deal with annual jumps in rent and what they argue are the declining conditions of the building.
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For a $500 initial investment each, Fields and other Gotham Detroit members hope to become joint owners of a Detroit apartment building in which each resident would be a shareholder in the property and not their individual unit. The rest of the money to buy the property would come from loans, grants and other funding sources.
Read the rest at The Detroit News
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