Lots in Common was formed as a joint venture of NASCO and Riverton Community Housing, based in the Twin Cities, in May 2004. Riverton provided 57% of the initial equity; NASCO provided the remaining 43%. This equity was used to purchase from NASCO Properties the three houses of the Qumbya system in Chicago. Financing was provided by ShoreBank, the Chicago Community Loan Fund, and Riverton Community Housing.

This purchase gave Lots in Common (LINC) a “starter set” of houses and re-stabilized NASCO Properties’ finances for the growth that took place between 2004 and 2007. In 2009, the Qumbya properties were put back into NASCO Properties, which will allow these coops to have stronger ties with the rest of the NASCO Properties coops, while providing LINC an opportunity to look into different models of housing cooperatives for future development.

Governance

Lots in Common has a board with members appointed by the LINC partners.  Until 2009, this meant two board members came from NASCO, and two from RIverton, with the possibility of additional members appointed jointly by the NASCO and Riverton boards. Additional equity investors (501c3 organizations) can become LINC partners with full board representation.

The policies are similar to those of NASCO Properties, but with some differences. In many ways NASCO Properties operates like a consumer cooperative, while LINC operates like a producer cooperative, in terms of the representation on the board.

Management

Lots in Common currently contracts with NASCO for administrative and asset management services.