|limited equity/market value||<– Date –> <– Thread –>|
|From: Judy (BAXTER%55317VX.CIS.UMN.EDU)|
|Date: Tue, 28 Dec 93 10:42 CST|
Tucson write: <Tucson Cohousing is having a discussion concerning Limited Equity or market value in the resale of property or improvements. 1. Can anyone out there give some thoughts or feeling regarding this topic. 2. Did anyone compromise and what did you do. >>>>>>>>>>>>>>>>>>>>>>>>>>>>>> The issue seems to be, to me, trying to keep CoHousing relatively affordable for newcomers, vs limiting options for the people who leave, for whatever reason. Our group is very much mixed income, ranging from quite low (I don't remember the numbers) to modest/moderate (I don't think we have households with much more than $50,000 per year, maybe $60,000 or $70,000 now that one member, formerly unemployed,got a job?). The concern was that if someone needed to move elsewhere to a more expensive housing market, that family would be penalized. We were also advised that the housing market did not seem to be appreciating, in fact quite the reverse, and that limited equity would probably not make a big difference. Anyway, no one was absolutely committed to the need to be limited equity, and so we aren't. We did write into the by-laws a procedure which, quite frankly, I think was fairly fuzzy, whereby the coop proposes a "fair" price to the seller, along with, hopefully, a buyer from the waiting list, and the seller is not required to take that price. our by-laws committee is at work on lots of things, - i don't know hwere that stands. JUdy Judy Baxter, Monterey Cohousing Community, Twin Cities Area, Mpls/St.Paul MN (Mococo) baxter [at] epivax.epi.umn.edu Twin Cities CoHousing Network Voice Mail 612-930-7580 Voice Mail for Monterey Cohousing - 612-930-7554
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