Rethinking Homeownership: The New Horizon Model
An alternative pathway from renting to owning, equity and household wealth
In our previous article, “Beyond Affordable Housing: Closing the Black Homeownership Gap in Edmonton,” we explored an important question:
How can we help more working Black households move from renting to owning?
The challenge is significant. But so is the opportunity.
New Horizon Social Enterprise is exploring an alternative approach to bring together existing housing, capital, qualified households and strategic partners to create new pathways to affordable homeownership.
A Different Way of Thinking
New Horizon proposes addressing the question:
How can we turn affordable housing opportunities into pathways to ownership?
Instead of viewing a household only as a tenant who needs affordable housing, the model looks at a qualified household as a potential future homeowner.
The New Horizon Concept
At its core, the model connects four elements:
Housing Assets + Capital + Qualified Households + Strategic Partnerships
Suitable existing homes could be identified, acquired and improved. Investment and financing could be brought together to make the properties financially viable. Qualified households could receive support to prepare for ownership and participate in an affordable ownership arrangement. Partners would contribute the resources, expertise and financing needed to make the transaction work.
The result is intended to be more than an affordable place to live.
It is a pathway toward ownership and equity.
From Renting to Owning
New Horizon is exploring several possible pathways because one ownership model will not work for every household. Depending on the property, household circumstances and financing structure, possibilities could include:
Rent-to-own — allowing a household to rent while progressing toward ownership.
Shared equity — reducing the initial financial barrier by sharing ownership or equity with an investment partner.
Co-ownership — allowing households and partners to participate jointly in property ownership.
Staged ownership — enabling a household to increase its ownership and equity over time.
The appropriate model would be determined through careful financial, legal and market analysis.
The objective is simple:
Make ownership more accessible without compromising financial sustainability.
The New Horizon model is currently being developed and is intended to be tested through partnerships and a pilot project. Specific ownership, financing and investment structures would be subject to feasibility, legal, financial and market analysis.
New Horizon Social Enterprise
Creativity, entrepreneurship and innovation to create opportunities for vulnerable people
socialenterprise@iimancanada.com
Affiliated to
iimancanada.com
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