Cooperative housing reduces the costs of home ownership and maintenance. Condominiums are the high end, wealthy example of shared maintenance and collective asset ownership. For low-income people limited equity housing cooperatives and market rate housing cooperatives serve the same purposes as a condo but keep the housing affordable, combine small amounts of pooled resources with grants and loans, so people who alone could not afford the dwelling, the maintenance and/or to get a mortgage can do all of that together. Housing co-ops also introduce democratic governance—so that decisions are made democratically, as a group, and everyone benefits equally—rather than according to how much they have invested.
Whatever the strategy, we as a country, and local governments, must do more to address the wealth inequality between African Americans and Whites. One of the primary tools to move the needle is home ownership. Can we cast off the burdens of our racist past so that all Americans can have an honest shot at getting out of poverty, and passing wealth onto the next generation? I don’t know, but it is worth a try.