|RE: land trust||<– Date –> <– Thread –>|
|From: Rob Sandelin (Floriferousclassic.msn.com)|
|Date: Fri, 26 Jun 1998 09:15:16 -0500|
Land trusts are a great way to keep land off the market rate real estate appreciation cycle. The downside is that financing may be much harder or impossible under such limitations. Banks really don't like to finance homes they can't easily sell if they foreclose, and since you would not have clear title to the land under a land trust, only a lease, it would be that much more less appealing to a bank. However, some banks do have special loan programs targetted for low income families, some states even require large banks to invest some small percentage in these programs. Check with your local bankers before committed to such a path. Rob Sandelin Sharingwood Cohousing Snohomish WA ---------- From: cohousing-l [at] freedom.mtn.org on behalf of Brian Lavendel Sent: Thursday, June 25, 1998 5:44 PM Subject: land trust We're a new retrofit cohousing community in Madison, WI working out a financial and legal structure. (One advantage of having the buildings here already is that we get to move in first and ask questions later!) At present we are four families in two two-flat units and a vacant lot. The properties are owned by two of us. (The other two families are legally "renting" now.) We're exploring different options for putting our legal structure in place and are not too eager to petition the city for a "planned urban development" OR pay a lawyer lots of money to do that. One option that we've recently learned about is working with an established community land trust. Presumably, they would do something like buy the land and lease the dwellings back to us. We would forego some of the appreciation with an eye to maintaining affordability. My thought is it might be a good way to share some of the burden of setting up a coho structure and also get the backing of the land trust at the same time we help them grow. You know, one of those "win-win" thingies. I'm wondering if others out there have gone the land trust route and have had positive results or tips to share or if some other (legally-minded) cohousers have other ideas for a small (but hopefully growing) retrofit coho community. ************************************************************ Brian Lavendel 608/249-4178 3406 Dawes St fax 249-3379 Madison WI 53714-2217 lavendel [at] bigfoot.com
land trust Brian Lavendel, June 25 1998
- RE: land trust Rob Sandelin, June 26 1998
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