|Common House Funding||<– Date –> <– Thread –>|
|From: Marti Major (marti.majorgenetics.utah.edu)|
|Date: Thu, 26 Dec 1996 11:33:04 -0600|
> Denise Meier of Sebastopol, CA wrote: > The ultimate goal here is to find an appraiser who "Gets it" about > cohousing. Removing the cost and "benefit" of the common house from the > equation can make your numbers look a lot better....Then you can raise the > money and try to get a bank loan to build the common house separately. > I believe one cohousing group did this, but I sure can't remember which > one. Marti Major, of SLC, UT says thank you Denise. I have had a hard time answering people's questions about this, but you put it very clearly. It is this "added cost" of building that we have to tack on to our units that is making our units very expensive. In our real estate market - we are building in the low rent part of town where no one has built any townhouses or condominiums yet for us to compare ourselves - we will have a hard time getting our four-bedroom townhouse units appraised high enough. If we could get funding assistance for our common facilities - and here I am thinking foundation loans or even a small grant - our chances improve greatly. The money could be loaned or granted to Wasatch Cohousing, the development corporation. It would be WC's responsibilities to honor the grants or pay off the loans. When the conditions were met, the common facilities could be "given" to Wasatch Commons, the Home Owner's association. I am merely running thought experiments at this time, but hope to collect information along the way about other CH groups and their funding.
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