Geno housing cooperative
| GENO Wohnbaugenossenschaft eG | |
|---|---|
| legal form | registered cooperative |
| founding | 11/06/2002 |
| Seat | Ludwigsburg |
| management |
|
| Number of employees | 32 |
| sales | 2.41 million euros |
| Branch | Housing industry |
| Website | www.geno.ag |
| As of December 31, 2016 | |
The GENO Wohnbaugenossenschaft eG (proper spelling GENO ) is a 2002 Genotec Wohnbaugenossenschaft eG founded Wohnbaugenossenschaft based in Ludwigsburg , whose main line of business an option purchase model for real estate (a special type of lease is).
General
The statutory purpose of the cooperative based in Ludwigsburg is “the economic promotion and support of the members. The cooperative's particular goal is to provide its members with permanently affordable housing. ”The statutes are supplemented by general and special contractual provisions .
Until May 2018, the board members were Jens Meier (chairman, from December 1, 2011) and Martin Däuber (board member, from July 1, 2016), while Simone Zipperle is the chairman of the supervisory board. Auditing Association is the PDG Genossenschaftlicher Prüfverband e. V .
Genotech Wohnbaugenossenschaft, founded on November 6, 2002, changed its name to GENO Wohnbaugenossenschaft eG on January 15, 2014 .
As of December 31, 2016, the cooperative had 4,976 members (2015: 5,269), employed 32 people (2015: 43) and reported an annual deficit of EUR −4.83 million (2015: EUR −5.29 million). As in previous years, the annual deficit was not carried forward to a new account, but covered by equity. The balance sheet total as of December 31, 2017 was EUR 32.15 million (2015: EUR 33.27 million).
On May 4, 2018, the company parted with the previous board members Jens Meier and Martin Däuber due to accumulated losses of € 18.3 million. On May 25, 2018, the cooperative announced the opening of insolvency proceedings on its own responsibility.
Option purchase model
With the option purchase model from Geno, a special form of hire purchase , every interested party must first become a member of the cooperative. The minimum share is 100 euros. With a capital contribution of EUR 10,000 to EUR 40,000 (i.e. by purchasing 100 to 400 shares) or a corresponding monthly saving of at least EUR 25 to a max. 300 months of savings can be made for an allocation and thus the prerequisite for participating in the option purchase. After a waiting period of at least 12 months, depending on the level of savings, Geno will build or buy the desired property for him. The property remains in the ownership of Geno and is notarized contract to the cooperative member for 25 years at a constant agreed rent for the use of transfer. The member is secured with a notice of conveyance , the duration of the rental period, a unilateral right of termination and the purchase price in 25 years in Section II of the land register. The unilateral right of termination for the rental agreement rests with the member and is three months. During the contract period, the member saves at least 1.1% of the investment sum p. a. in order to be able to acquire the property at the notarized price plus the incidental purchase costs within the next 25 years. If the member does not want or cannot exercise the option to purchase within the term of 25 years, he can move out with 3 months' notice and leave the property to the cooperative. The term can be extended for a further 25 years. The contribution made in the form of the cooperative shares can be used to purchase options or is paid back when membership is terminated. The member also receives all savings payments back in the event of termination. According to the statutes, there is no obligation for members to make additional contributions . The purchase option can only be exercised after living in the property for two years at the earliest.
The difference between the contribution made by the customer and the capital required to actually pre-finance the desired property is provided by Geno without taking out its own loans , through contributions in the form of cooperative shares, interest income, as well as the ongoing rental income and proceeds from the sale of options.
In order to provide the necessary capital to pre-finance the property, the option purchase model uses allocation mathematics based on the building society principle. The cooperative model is a closed money cycle.
The acquisition of shares in the Geno cooperative can receive three state subsidies. The housing construction bonus , the employee savings allowance (Fifth Asset Creation Act) and the employee savings allowance for productive capital savings (Third Asset Participation Act) come into play here.
criticism
On the part of consumer protection, criticism of the Genotec concept was expressed, since u. a. It must be feared that, in the worst case, the customer will neither receive the use of living space nor property, but instead lose part or all of his capital contribution. In view of the fact that other cooperatives needed decades to reach high membership numbers, the magazine Finanztest assessed the plans as unrealistic in 2006 . Contrary to the announcement that the first properties would be allocated four years after the company was founded in August 2006, the first property was only made available to a customer on February 24, 2007. In 2006 Finanztest found the costs of the Genotec model to be higher than those of bank financing. In 2006, the consumer center of Saxony advised to find out more about the financial risks associated with investments in cooperatives.
Critical articles have also appeared in Stern magazine and Focus Online . Genotec has always denied allegations from consumer advocates and reporting journalists.
Web links
Individual evidence
- ↑ § 2 of the Articles of Association of Geno Wohnbaugenossenschaft eG, as of June 22, 2015 (PDF; 104 kB). Retrieved November 1, 2015.
- ↑ Stuttgart District Court, GnR 220109, change the registration of 15 January, 2014.
- ↑ Annual and management report 2016 (PDF; 903 kB) of GENO Wohnbaugenossenschaft eG. Retrieved October 31, 2017.
- ↑ Report from GENO eG to the dismissal of the board members. Retrieved July 19, 2018 .
- ↑ Announcement on the company website. Retrieved July 19, 2018 .
- ↑ Section 38 of the Articles of Association in the version dated June 22, 2015.
- ↑ Enjoy real estate hire purchase with caution . ( Memento of the original from July 30, 2013 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. Consumer Center Saxony, press release from November 15, 2005. Accessed November 1, 2015.
- ↑ a b Housing cooperatives increasingly attract members with state funding . ( Page no longer available , search in web archives ) Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice. Consumer advice center Saxony, press release from June 16, 2006. Accessed November 1, 2015.
- ↑ a b Comrades on the waiting bench (PDF; 186 kB). In: Finanztest , No. 3/2006, pp. 64–65.
- ↑ Daniel Shahin: Slowly, but surely ... An idea becomes a success (PDF; 1.0 MB). In: Der free consultant , No. 3/2007, pp. 24–36. Retrieved November 1, 2015.
- ↑ Elke Schulze: Buying a house with a hook. ( Page no longer available , search in web archives ) Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice. In: Stern , No. 51/2005, December 25, 2005. Accessed November 1, 2015.
- ↑ Berrit Graves: With nothing into your own home . In: Focus Online , February 5, 2008, here p. 4: Hire purchase, expensive and risky also for comrades . Retrieved November 1, 2015.
