Coop Chats- Featuring Chicago Cooperatives
London Towne Houses Cooperative is a gem in the West Pullmancommunity. This 803-unit housingcooperative received its articles of incorporation in 1965 and members startingacquiring limited equity shares and moving in 1966. As the housing cooperative approaches 60years old, it consists of 120 buildings with approximately 1.9 million squarefeet of space. Of the more than 800cooperative housing units, 8 serve as rental units as they were initially usedas model housing.
London Towne Houses Cooperative is located adjacent to one ofthe largest indoor track and field center in the Midwest and to Chicago StateUniversity, and is in close proximity to the recently designated PullmanNational Monument.
The cooperative is governed by a 5-member Board ofDirectors, all of whom live on the property. Two of the five members of the Board of Directors are originalmember-owners. Nicole Redding works asthe General Manager of the property. Shespends time strengthening external partnerships with Alderman Harris and othercommunity partners in the 8th Ward. She also is charged with continuing to provide education on cooperativeliving and legislation, ensuring adherence to fair housing guidelines and assistingwith board governance.
During the COVID pandemic, Ms. Redding saw property insuranceincrease by as much as $70K annually as a result of macroeconomic conditions. Inner City Underwriting, a local and Blackowned insurance brokerage, was able to secure updated property insurance forLondon Town Houses Cooperative amidst the refusal of traditional carriers torenew insurance policies. Laborshortages have impacted vendor services and materials costs, and pose somechallenges for the cooperative, which takes on gut/rehab work as unitmembership transitions from own owner to another.
A recent physical needs assessment identified opportunitiesto improve existing infrastructure, exterior work, sidewalks, pumping stations,and siding upgrades. With 120 buildings,siding and roofing pose some of the most significant capital improvement andmaintenance challenges and opportunities for Ms. Redding. Roof replacements occurred about 15 yearsago, while window replacements occurred about 10 years ago. Siding costs range between $19K-$40K perbuilding. Ms. Redding is continuallysearching for grants and other resources for London Towne Houses Cooperative toperform this work to avoid incurring additional indebtedness and balance theneed to increase carrying costs while maintaining high levels ofaffordability. A recent partnership withElevate Energy to upgrade new LED lighting and new furnaces are one way thatMs. Redding has been successful in keeping utility and maintenance costssustainable.
Ms. Redding shared that demand has remained stable and highfor cooperative member shares at London Towne Houses Cooperative. She has managed to balance affordablecarrying charges have with the ongoing sustainability of the property andbuildings.