Re: Foundation/Agency Funding
From: Joani Blank (jeblankhooked.net)
Date: Thu, 19 Dec 1996 02:11:12 -0600
Marti,

1) Southside Park CoHousing received a loan from the Northern California
Community Loan Fund. I believe it was used to upgrade the kitchens (and
bathrooms?) in their 11 affordable units, so that they are indistinguishable
from those in the market rate units.

2) I don't understand why you are considering a separate mortgage for your
common house. In the condominium form of ownership, each household/owner
owns what is called an "undivided share" of the common facilities. That
includes the real estate and the all of the buildings up to the sheetrock in
the units. Starting from the wallpaper in, each household solely owns its
own space. Your undivided share is part of the purchase price of your
condominium and therefore is  paid for by your permanent financing. SInce
your group--Wasatch CoHousing in Salt Lake City in case others are just
tuning in--is its own developer (I think), each household will be buying its
individual unit from the cohousing group in whatever legal form the group
has taken (partnership? limited liablility company?)

Joani Blank
Doyle St. CoHousing (Emeryville, CA) and Swan's Market CoHousing (Oakland, CA)


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