News from Monterey CoHousing (MoCoHo)
From: Mike Malone (
Date: Wed, 5 Jun 1996 08:36:28 -0500
My addition to the recent spat of updates. By the way for those new 
to the list, MoCoCo is in Minnesota not California. Anyway, we are 
all moved in and this week completed all the closings for the owner-
occupied units. The driveway, landscaping, and porches and decks are 
still uncompleted due to a very cold spring and a late thaw. 
Otherwise, all the frenzy of the development phase seems to be ebbing 
away as we all attempt to resume a less hectic life.

The installation of wiring and plumbing to allow kitchens in the old 
building is also complete. Next is the rehab of the common kitchen.

We have several very small units in the old building and are finding 
these units to be more popular than the larger units in the new 

I have alluded to this earlier, but thought I'd repeat it now that 
I'm not quite so burned out. We did not use a developer although we 
did have a development consultant. The entire financial risk for the 
project was borne by MoCoCo. No one in our community had any 
experience with construction or project management. We did not have a 
single project manager from the community. Several of the menbers 
are experienced small business owners who are familiar with putting 
together and presenting a business plan. We also benefited from 
member with accounting experience. On all other aspects we were 
extreme novices. Our inexperience has been at least as costly as a 
developers profit margin. 

We are extremely fortunate to have a local bank, Riverside Bank of 
Minneapolis, that is committed to funding grass roots enterprise and 
working hard to see that such enterprises succeed. Without Riverside 
Bank our project would have been much more difficult, perhaps 
immpossible. The loan officer at the bank provided us with valuable 
advise at every step of the project. If you must use bank financing, 
finding a bank that is local and will be committed to your project 
will contibute greatly to your success.

I and other members of MoCoCo are often eager to talk now that 
construction is over. My phone number is (612)926-3872.

Mike Malone
Cancer Control Section
Minnesota Department of Health
Internet address:  michael.malone [at]
Phone: (612)623-5670
Fax: (612)623-5520

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