Terms Frequently Used in Shared Ownership Housing and CSO Initiatives

Assessment Stage
The initial phase in understanding the financial, governance, and operational readiness of a property to identify areas of improvement.

Asset Management
The process of maintaining and enhancing the value of shared ownership property through effective management practices.

Best Practices
Proven methods or strategies adopted to ensure effective governance, financial health, and community engagement.

Board of Directors (BOD)
A group of elected individuals responsible for decision-making, governance, and financial oversight of shared ownership housing.

Collaboration
Working together to achieve shared goals and objectives within the community or between CSO and property boards.

Community Engagement
Activities aimed at increasing participation and collaboration among owners, stakeholders, and community members to strengthen shared ownership communities.

Financial Management
The process of managing a property’s budget, income, expenses, and reserves to maintain financial stability.

Governance Documents
Documents like bylaws, policies, and meeting minutes that outline how an HOA/Co-op operates and ensures compliance with laws and regulations.

HOA/Co-op
Homeowners Association or Cooperative. A governing body composed of property owners or shareholders that oversees the management and operations of shared ownership properties.

Legal Compliance
Adhering to federal, state, and local laws governing shared ownership housing, including tax filings, property management regulations, and corporate governance.

Memorandum of Agreement (MOA)
A formal document outlining the terms of collaboration between CSO and a property’s governing body.

Owner/Shareholder Participation
The active involvement of property owners or shareholders in decision-making, governance, and community activities.

Property Assessment Questionnaire
A comprehensive tool to gather detailed information about a property’s financials, governance, and operational health.

Reserve Study
An analysis of a property’s reserve funds to ensure adequate financial planning for long-term maintenance and repairs.

Risk Mitigation
Strategies to reduce potential risks to a property, including legal compliance, insurance coverage, and proactive governance.

Shared Ownership Housing
A democratically controlled, jointly owned housing model where members collectively manage the property to ensure affordability and sustainability for the community.

Stabilization Plan
A strategic roadmap developed to address challenges in governance, finances, or property management, aimed at achieving long-term sustainability.

Sustainability Planning
A forward-thinking approach to ensure the financial and operational longevity of a shared ownership property.

Resource Benefit Partners
Organizations or professionals that provide critical support to shared ownership housing communities, including funding, technical expertise, training, and professional services, to enhance governance, financial stability, and long-term sustainability.

Technical Assistance
Support services provided by CSO to improve governance, financial health, and community engagement for shared ownership properties.

Transparency
Clear and open communication of information to build trust among property owners, shareholders, and stakeholders.

Learning Sessions
Tailored educational sessions provided by CSO to address specific needs such as governance, budgeting, and community engagement.