|RE: Asking help with financial package||<– Date –> <– Thread –>|
|From: Rob Sandelin (robsanmicrosoft.com)|
|Date: Tue, 12 Apr 94 11:52:01 PDT|
Larry Henson wrote: >Could we get descriptions of current cohousing legal >structures and financing for existing groups to include in our package? In our area cohousing groups fall into one of three legal categories: Condominium, Cooperative, and Miscellanous Corporations ( A Washington State legal form) Condominiums offer the ability to create transferable titles to property, define commonly owned spaces, and create covenants which are filed and run with the land. Condominiums are a well established legal form which banks understand. Their are some speciality forms of condominiums such as air space condominiums. Sharingwood is an air space condominium which allows us to essentially subdivide property into "lots". If this is something you want more info on contact me personally. Condominiums are defined by a legal document called the CC&R's. They usually have a owners association which is incorporated as a non-profit group and has articles of incorporation and bylaws which define its operation. Cooperatives offer the ability to control who becomes a member, offer some potential development advantages such as a group drainfield (because there is own owner) and allow considerable creativity in controling resale equity. For example you can set limits on how much a property is sold for which is a good way to maintain low income or affordable housing. The property is owned by a corporation and shares are leased to members. They are controlled by a legal corporation and has articles of incorporation and bylaws which define its operation. Cooperatives are not as well understood and accepted by the banking industry, although many cooperatives, including the Winslow Cohousing Group in Bainbridge WA have successfully found funding. Many states have cooperative corporation laws and various forms of partnership types of legal agreements. Resources: Exisiting Cohousing groups will often share copies of their legal agreements. Contact them directly or contact me and I can tell you which of the NW groups has what kind of legal ownership. A Cohousing Resource Guide. Rob Sandelin. 50pp. $5 Has a section on legal information and dealing with banks. 22020 East Lost Lake Rd. Snohomish, WA 98290 Community, Inc. Legal Incorporation for Intentional Community. Allen Butcher. Monograph, 20 pp. $2 plus $1 P/H. An introduction to each currently used legal option for communities: partnerships, for-profit corporations, cooperative corporations, various non-profit corporations, community development corporations, community land trusts. P.O. Box 1666m Denver CO 80201. Federation of Egalitarian Communities Systems and Structures Catalog. 16 pp. Describes sample documents including legal documents, tax information, economic and labor agreements. $1.00 Community Bookshelf, East Wind Community, Tecumseh, MO 65760 Growing Community Newsletter Issues: # 3 Partnerships, Corporations and Non-profits, # 4 Land Trusts, #5 Homeowners and Condominium Associations. Individual issues cost $5, yearly subscriptions are $20 and can be gotten from: Growing Community 1118 Round Butte Drive, Fort Collins, CO 80524. Options for Incorporation of Intentional Communities by Albert Bates and Allen Butcher pp. 98 in Directory of Intentional Communities: A Guide To Cooperative Living Nolo Press Self Help books. The partnership book by Denis Clifford and Ralph Warner, How to form a nonprofit corporation by Anthony Mancusco, How to form your own corporation by Anthony Mancusco National Association of Housing Cooperatives promotes the interests of cooperative housing communities. 2501 M. St., Suite 451, Washington D.C. 20005. School of Living Land Trust offers training conferences, financing for Community land trust development and other services. Route 1, Box 185a, Cochranville, PA 19330 (215)-593-2346. Rob Sandelin Puget Sound Cohousing Network 206-936-7157 Building a better society, one neighborhood at a time
Asking help with financial package Larry Henson, April 12 1994
- RE: Asking help with financial package Rob Sandelin, April 12 1994
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