Northcote Rental Housing Co-operative transfer of Engagements to United Housing Co-operative 2024.
In 10 November 2023, the United Housing Co-operative’s (UHC) CEO lodged a Registration of Interest submission in response to Northcote Rental Housing Co-operative Ltd (NRHC) request for Expressions of Interest, from a likeminded Community Housing Providers, who were interested in taking over their co-operative. Subsequently, UHC was selected as the preferred organisation and invited to enter into negotiations with NRHC, with a view to a formal transfer of engagements to UHC, pursuant to Section 304 of the Co-operations Act 1996.
Following extended negotiations, a due diligence process, formation and approval of a Disclosure Statements, the members of both United Housing Co-operative and Northcote Rental Housing Co-operative agreed to work towards a merger by way of a transfer of engagements. On 12 June 2024, UHC and NRHC lodged Special Resolutions from the membership to both Co-operatives to Consumer Affairs Victoria and an application to proceed with the transfer of engagements. Approval for the transfer of engagements were also lodged with Homes Victoria (DFFH) and Dept. Treasury and Finance and Housing Registrar of Victoria.
This transfer was officially approved by Homes Victoria on 26 September 2024 at which time the headleases for the 36 Director of Housing owned properties and title of 2 owned properties were also transferred to UHC in the ensuing fortnight.
United Housing now has 173 properties (161 leased and 12 owned properties) providing affordable housing within the Western and North Western metropolitan region of Melbourne, 74 members with two NHRC members sitting on UHC Board of Directors.
The transfer of engagement includes transfer of assets and liabilities:
- Cash – $344,192
- Current Assets – $85,575
- Owned Properties* – $1,640,00
- Liabilities – $46,69
- Net Assets/Equity* – $2,023,074
The membership of both Co-operatives were consulted at each stage of the process and also at discussing the future of UHC as it moves to 222 members/properties in early 2025, when our new Co-operative Village construction works are finalised in West Footscray, and new tenant member commence populating the Village.
UHC will continue discussions on its structure UHC@222 as well as the implementation of its Place Making strategy at the Village in 2025.
UHC is a standalone social enterprise, and intends to have sub coops or communities, that operate under UHC’s Board and governance structure – headlease, policy and operational management, as a financially sustainable organisations that can survive long into the future.