community financing
From: Debbi Schaubman (schaubm1MAIL.LIB.MSU.EDU)
Date: Thu, 26 Jul 2001 12:48:06 -0600 (MDT)
Greetings!  

Great Oak Cohousing (Ann Arbor, MI), currently in the programming phase, has
been exploring ways to address affordability issues.  Our Affordability
Committee has gone through the cohousing-l archives, read the materials on
the TCN www site (and other related sites), and haven't been able to find
very much information on the specific topic we've begun to consider:
co-investment.   (Sorry if we simply missed the information!)

We're interested in learning about other communities' experiences with this
model (or ones similar to it): a group of community members invest money and
buy 10% to 30% of a few units.  Those units would then need a smaller
mortgage, have a smaller monthly mortgage payment, and require a smaller
down payment.   Our sense is that, assuming some appreciation in the real
estate, the investor, the household and the community would all benefit from
this approach.  

Thanks for any information, suggestions, horror stories, etc. you can share.

Debbi Schaubman
(who is eagerly awaiting a Spring/Fall 2003 move-in!)



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