internal/community loans
From: Judy Baxter (
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 Baxter, Monterey Cohousing Community,(MoCoCo) Twin Cities Area, Mpls.,MN
-- e-mail:      baxter [at]
        (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: 

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