Common Equity Housing SA Ltd (Common Equity) was officially opened in 2012 as a non-government, not-for-profit organisation and Community Housing Provider.
The organisation has evolved over the years and is well positioned to continue to grow and support member organisations and direct tenancies.
A snapshot of the key milestones:
Common Equity achieved Tier 2 status with the National Community Housing Register, which meant the organisation was recognised for its scale and scope of operations based on the NRSCH Tier Guidelines.
In June, two more housing co-ops joined as members – ISHA, with 13 properties in three pockets in the hills, eastern and southern areas, and PEACH, with 17 properties in the inner northern metropolitan area.
The consistent growth of member organisations and properties strengthened Common Equity’s overall sustainability and enabled the organisation to initiate redevelopment projects and to apply for Tier 2 status under the Community Housing Regulatory System.
As a result of Common Equity’s clear focus on supporting and enabling housing co-ops to flourish in South Australia two new member organisations joined as members – Paris Flat Housing Co-op, with 30 properties located in the Bowden and Brompton area, and Acre Housing Co-op with their 8 cluster properties located in the Adelaide CDB.
In February, Common Equity unveiled a new direction as it sought to consolidate its position in the sector with the appointment of a new Chief Executive Officer, Angela Carey, who brought a renewed focus and vision to the business. Angela, having worked in the housing sector for more than two decades – mainly in finance – said she aimed to grow and develop the organisation by establishing stronger relationships across the sector and building a more sustainable financial platform.
Along with its renewed focus, the organisation underwent a brand refresh, unveiling a modern and stylish logo.
In May, a small seven house co-operative chose to wind up and the tenants and properties were transferred to Common Equity and became directly managed.
In March, two of the founding housing co-operatives voted to exercise their option to terminate their membership of Common Equity.
Three more housing co-operatives transferred their properties to Common Equity, and by May 2014, Common Equity had nine Member housing co-operatives and 151 properties on its books.
The office relocated to Thebarton in early 2013 and Common Equity’s operations were consolidated, with endeavours made to expand its housing co-operative membership.
In January 2012, the first staff, the CEO and Finance Officer, were employed, with Common Equity’s office initially located at 310 Tapleys Hill Road, Seaton. By the end of February 2012, with all six Property and Services Agreements signed, 121 properties were transferred to Common Equity, and business officially began on 1st March 2012.
In mid-2011 an interim manager was appointed, and the first six housing co-operatives passed Special Resolutions agreeing to transfer their properties to Common Equity, and to enter into a Property and Services Agreement to receive services and support.
On the 5th of August 2010, Common Equity’s first Member Directors were elected. By October 2010 Common Equity registered as a company with ASIC, and in December the first Technical Directors were appointed.
With support from Housing SA., CHCSA developed a business case for the establishment of Common Equity. Once the plan was accepted and approved by the State Government, Common Equity’s Constitution and Property Services Agreement were drafted and finalised.
During 2008, the Common Equity model emerged as the preferred option of choice, for both the community housing sector and the State Government. The Community Housing Council of South Australia (CHCSA) formed a Steering Committee to investigate this model further.