|financing||<– Date –> <– Thread –>|
|From: Judy (BAXTERepivax.epi.umn.edu)|
|Date: Tue, 12 Apr 1994 13:34:46 -0500 (CDT)|
lwh [at] innerdoor.austin.ibm.com (Larry Henson) wrote: Subject: Asking help with financial package We would like part of this package to be examples of cohousing financing that is working. Could we get descriptions of current cohousing legal structures and financing for existing groups to include in our package? ====================================================================== Monterey Cohousing phase 1 financing is an ownership coop, with 8 dwellings and the common space in an existing building, an elegant, former retirement home. I'm not sure what you would want for documents - we got the loan from a local, community based bank - which treated it as commercial, 30% down, which was quite a stretch. AS far as I can tell, they value the building very little, and the land a lot. It IS working. We are in the middle of trying to decide how to go for the new construction townhouses and apartment-like condos. We got a fair amount of info saying that no-one was financing condos, so have been leaning toward townhouses plus a master association linking the townhouse association to the coop, which would also expand to include the new apartment-like dwellings . But now we are getting info that says townhouses are no easier to finance than condos, and that the townhouses linked to a coop will be complex and difficult to finance, but making it all condos would be simpler. DOES ANYONE HAVE ANY (PREFERABLY MIDWEST?) INFO ON CONDO VERSUS TOWNHOUSE FINANCING ?? OTHER IDEAS? Judy Baxter, Monterey Cohousing Community, (MoCoCo) Twin Cities Area, Minneapolis/St.Paul Minnesota e-mail: baxter [at] epivax.epi.umn.edu other mail: 2925 Monterey Ave So, St. Louis Park, MN 55416
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