The Michigan State University Student Housing Cooperative is currently in the process of buying two new properties to create a new student housing co-op.

Holly Jo Sparks, the executive director of the Student Housing Cooperative, said they have signed an offer sheet and now will begin the process of getting approval of the City of East Lansing to turn the buildings into a new co-op that will house at least 17 people.

“It’s within our mission, as a co-op, to expand the cooperative movement and to provide affordable housing for students and the community,” Sparks said.

She said the East Lansing Planning, Building and Development Department will have to approve their plans, and the SHC will have to have a full member vote in order to proceed with the deal.

The properties are located in Chesterfield Hills or Central Neighborhood of East Lansing.

“I think it’s located in an area that the city and the community is hoping to focus more multi-family and affordable student housing, so it’s part of the comprehensive plan for the area,” Sparks said.

Sparks said the SHC is planning for at least $100,000 on the two buildings, but that if the city requires more than they have allotted money for, the plans could fall through.

“A lot of that depends on what the city allows us to do,” Sparks said. “The buildings were built in the late '40s early '50s and so we’ll also just have to be doing systems upgrades, kind of modernize and bring it up to date.

“I think the biggest barrier will be balancing the affordability of our housing with the required upgrades and improvements to convert it into a co-op."

Sparks said the SHC is hoping to begin renovations in the summer of 2016. She said since they have to honor the current tenant rental agreements, SHC would not begin renovations until the tenants' leases are up.

“Although I suspect some people will be wanting to leave, you know, sublease in the summer,” Sparks said. "So if they choose to leave sooner then we would begin sooner."

Sparks said part of the reason for expanding is that the Student Housing Cooperatives are always in high demand, even when full, as they offer students housing at a good cost.

“I think there is a strong demand for affordable housing, particularly for students, and with the cost of education,” Sparks said.