RE: HOA renting unsold homes
From: Casey Morrigan (cjmorrpacbell.net)
Date: Sat, 12 Oct 2002 17:04:04 -0600 (MDT)
Marjorie - I am talking without any knowledge here butr offering my opinion
anyway. I don't know where you are located - I don't know where the 785 area
code is (My gosh - is that in California??) - but I'd doublecheck your state
law and CCR's about whether the HOA can/is the best place to hold title, or
whether your development corp. ought best to hang on to them until they are
sold - .  We did not have the issue that you describe, with unsold homes -
all of ours were presold - but we waited to dissolve our LLC here in
Sebastopol, CA, until we were sure the development phase was over.  For a
while the LLC coexisted along with the HOA.   I know that doesn't answer
your question, but just raises an issue.

We recently had a long talk with our accountant about what an HOA can and
can't do, so this issue is interesting to me.  Ownership of homes didn't
come up - wish it had.  Our accountant isn't that familiar with cohousing,
and so to me is not the ultimate opinion on any single issue, but she has
provided some helpful guidance to us as we make our own decisions.  For sure
the tax implications of selling the homes should be explored with yours.

Casey Morrigan
Two Acre Wood, Sebastopol, CA


-----Original Message-----
From: cohousing-l-admin [at] cohousing.org
[mailto:cohousing-l-admin [at] cohousing.org]On Behalf Of Marjorie Wholey
Sent: Saturday, October 12, 2002 11:45 AM
To: cohousing-L [at] cohousing.org
Subject: [C-L]_HOA renting unsold homes


As construction on our cohousing project nears completion, it looks like
there may be some unsold homes. Title to the unsold homes will be
transferred to the HOA. We are exploring the possibility of renting
these homes until they are sold.

Has any other group had the experience of the HOA owning and renting
homes in contrast to individual owners renting a home in a cohousing
community?

*******************
Marjorie Wholey
voice:(785)842-4913
email:mwholey [at] earthlink.net
fax: 785-749-0497


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