Cohousing-L Mailing List: Re: affordable housing, process committees

[Stevenson/Bitner (lilbert]

> Because the assistance
>will still be short of the down payment, I was thinking about the possibility
>of the group offering some financial help. I was wondering if any groups had
>set up some help for lower income families?   Revolving loan funds? 
We had small loans some of us got from the HOA when we couldn't finish 
our decks in time for move in and hired out a contractor.  The interest 
on our loans was market rate, since we were paying back money that 
otherwise would have been invested.  We looked into doing this on a 
larger scale, but found that that would have taken us out of a non-profit 
category.  Alternatively, one might consider setting up a separate fund, 
one that some with extra cash could invest in, and others might borrow 
from.  It would be taxed.  We found it more of a hassle than we wanted.  
Another thing you can do(if you trust each other alot) is make personal 
loans to each other.  Two people did that here, and as far as I know, it 
worked out fine.  

Liz Stevenson
Southside Park Cohousing
Sacramento, CA