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Presenter pitches limited-equity co‑ops and Drake’s Creek conversion as permanent-affordability tool
Summary
Steven Watts laid out the limited-equity cooperative model and described Drake’s Creek Cottages, a 60-unit Barnes-funded conversion in Goodlettsville, as a preservation strategy that he said can lower operating costs, increase resident stability and provide modest accruing equity for low-income households.
Steven Watts, representing the Nashville Equitable Housing Cooperative and Southeast Center for Cooperative Development, told the Metropolitan Housing Trust Fund Commission on Oct. 28 that limited-equity housing cooperatives can preserve affordability and build resident control.
Watts opened by describing Drake’s Creek Cottages, a 60-unit market-rate complex in Goodlettsville that project sponsors are converting to a limited-equity cooperative with Barnes Fund support and other public financing. He said the site pairs a community land trust that holds the land with a resident-owned cooperative that holds the buildings and that residents buy shares entitling them to occupancy…
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