internal/community loans | <– Date –> <– Thread –> |
From: Judy Baxter (BAXTERepivax.epi.umn.edu) | |
Date: Thu, 10 Dec 1998 14:37:45 -0600 |
RE: community loan funds - At Monterey Cohousing (just west of Minneapolis, MN) we don't exactly have a community loan fund, but it isn't personal loans either. During Development, when we needed funds, *before* we got the construction loan (and they helped us to get it, if I remember right), some Phase 2 members (planning to move into the as yet not-built townhomes) and some former members who had made downpayments but decided not to continue, and some supporters of cohousing (!!) lent us money. The structure was that they were 9 month renewable loans to the coop (our development entity) - that kept things simpler and cheaper, as I understand it. These were partly paid back as the townhomes were sold, or as people asked for their $$. Since we encountered unexpected costs, and also did not build 8 of the projected 15 townhomes, we wound up needed to assess the entire community for additional costs, including paying back the outstanding loans. However, some of our lenders chose to continue their loans, and provided a vehicle for financing the assessment for those who needed to do so. It's not exactly a "fund" - if we don't have someone who is borrowing the money, the balance would be paid back, but it has helped a lot. And it is done through the Finance Committee. Thank you, lenders! Judy Judy Baxter, Monterey Cohousing Community,(MoCoCo) Twin Cities Area, Mpls.,MN -- e-mail: baxter [at] epivax.epi.umn.edu (usually checked on Monday, Tuesday, and Friday) 15 homes - 7 new townhomes plus 8 coop apartments in a rehab Georgian building (built as a retirement home in 1924 -) which also serves as our Common House ---------------------------------------------------------------------- A 3 BR townhome is for sale - see our web page ---------------------------------------------------------------------- I'm possibly downsizing in the next ? 6mo/1 year? to a smaller coop apartment and selling my 3 BR coop apartment {This is *not* definite} ---------------------------------------------------------------------- Voice Mail for Monterey Cohousing - 612-930-7554 web page: http://www.jimn.org/mococo/
- (no other messages in thread)
Results generated by Tiger Technologies Web hosting using MHonArc.