|Fwd: equity caps||<– Date –> <– Thread –>|
|From: RowenaHC (RowenaHCcs.com)|
|Date: Tue, 17 Aug 1999 19:48:58 -0600 (MDT)|
--part1_220dfec7.24eb6874_boundary Content-Type: text/plain; charset="us-ascii" Content-Transfer-Encoding: 7bit --part1_220dfec7.24eb6874_boundary Content-Type: message/rfc822 Content-Disposition: inline Return-path: RowenaHC [at] cs.com From: RowenaHC [at] cs.com Full-name: RowenaHC Message-ID: <6d2018c5.24eb67d4 [at] cs.com> Date: Tue, 17 Aug 1999 21:35:16 EDT Subject: Re: equity caps To: lilbert [at] earthlink.net MIME-Version: 1.0 Content-Type: text/plain; charset="us-ascii" Content-Transfer-Encoding: 7bit I don't know if you heard from anyone at CambridgeCoho. We did manage to make three units "affordable" - out of 41! Pretty depressing, really since we started with a desire to keep things affordable. Actually, in the grossly inflated real estate market here our units were below market rate. We sold two units to the Cambridge Housing Authority at discounted prices and one went to a single mother who was eligible for a Cambridge program which provides low cost loans to individuals to purchase condos with the proviso that their equity increase is capped and they must sell to another eligible family. We went through the whole - we'll be a cooperative and cap equity bit but gave up partly because of the resistence to financial institutions to both cooperatives and caps and partly because some of our younger families who were having a hard time coming up with the funds to buy couldn't bring themselves to give up the idea of increasing market value. A major argument was that if they had to move they needed to sell for enough to buy elsewhere. And it just happened - a family is transferring to San Diego, which is right up there with Cambridge in the sky rocketing real estate market. The increased value of their unit here will enable them to buy there! So, perhaps we did the right thing by not insisting on equity caps after all. --part1_220dfec7.24eb6874_boundary--
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