Cohousing Bank -- Paiss
From: Fred H Olson (fholsoncohousing.org)
Date: Thu, 27 Jun 2002 07:26:01 -0600 (MDT)
Zev Paiss <zpaiss [at] earthlink.net>
is the author of the message below. 
It was posted by Fred the Cohousing-L list manager <fholson [at] cohousing.org> 
because the message included HTML ;      PLEASE do not post HTML, see
   http://csf.colorado.edu/cohousing/2001/msg01672.html

--------------------  FORWARDED MESSAGE FOLLOWS --------------------

on Tue, 11 Jun 2002 Chris ScottHanson <chris [at] cohousingresources.com> wrote:

>Would it not be great to have a cohousing bank?

> Imagine all the money in commercial banks or other institutions, invested in
> god knows what!  60 cohousing communities, must be an average of at least
> $100,000 per community in reserves and rainy day funds.  If half of that
> were invested in a cohousing bank, and made available to cohousing
> borrowers.. just imagine.  Should be $3,000,000 or more available already.

> Any bankers out there willing to take on the task?

> In the mean time, there is a Credit Union called The Sunshine Credit Union,
> which people might want to look into for placing some or all of their rainy
> day funds.  Anyone have contact info for them?

> Chris ScottHanson


Chris is exactly right.  The amount of financial power within the completed
cohousing communities is growing rapidly.  I have estimated that the
combined value of all the 62 completed communities is over $250,000,000.
That is more than a 1/4 of a BILLION dollars.

And the value of Reserve and Replacement funds which Chris mentioned, is at
least the $3,000,000 he quoted. The trick is coordinating the treasusres in
each commiunity to work together for the larger good.

Unfortunately at this time there is no national bank who has stepped forward
to tap into this market but I expect one will come along in the not too
distant future.

The work of Support Financial, of which I am a member of the Board, is a
step towards making financing cohousing developments easier.

Zev 

Zev Paiss
Director of Project Development
Support Financial Services
(V) 303-413-8066 (F)303-413-8067
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