Cooperative housing initiative off to a slow start

Lutaíbúðir, an interest organisation aiming to build flats under multi-ownership schemes, launched in February.

“The attendance at the event and the general dedication we’re seeing suggests that cooperative housing is indeed a possibility here in the capital region,” Hans Jacob Hermansen, who was elected as chairman of the organisation, said in February.

However, not much has since been heard about the organisation.

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It is still active, but it has encountered more obstacles than the organisers had expected.

“A lot of institutions, construction firms, financial institutions, etc. are involved in our planning work, and we haven’t completed our talks with all of them yet,” explains Hermansen.

“But we have learned that the biggest obstacle is making sure that construction budgets hold. Once the properties are completed, we see very few complications. So now we’re focusing on challenges during the construction phase.”

Read the Faroese version of this article here.

More Faroese News in English.