Financing for Coops | <– Date –> <– Thread –> |
From: Jenn Cartee (jennhorde.org) | |
Date: Mon, 21 Apr 2003 12:02:02 -0600 (MDT) |
Rob Sandelin wrote: "Unlike Minnesota, we don't have a cooperative development fund. (That I know of, and I know less and less as time goes on) I have heard its easier to do a coop on the East Coast but don't know of many cohousing groups that setup as coops other than Eco-village of Ithaca. Maybe there are dozens and I just don't know about it. I agree it seems a natural for cohousing, but it also seems fairly unusual as a funding mechanism. I do not know the percentage of coops vs. condos in cohousing development but my impression that it is small, maybe 20%? This would be interesting to know more data on." We at Mosaic Commons were originally asking because we had only heard of one cohousing group that was actually organized as a coop. I don't think it is common at all, but it does seem like a real and viable possibility for us that has the potential to make our permitting easier (the town might be able to count *all* of our units towards its affordable housing goals because coops might be classified as rentals--our lawyer is looking into it). Our attorney has gotten tentative commitments for financing both a blanket loan of up to 85% of the unit costs and share loans to make up the difference, from lenders who have already funded coops. There are a lot of new programs out there and the financing is less of an issue than whether the structure will help our permitting and whether it is a structure our members are comfortable/happy with. If anyone knows of other coop cohousing communities (beyond Eco Village (and Rosewind?)), please let us know! best, Jenn Cartee Mosaic Commons (conducting feasibility on property in Harvard, MA) _______________________________________________ Cohousing-L mailing list Cohousing-L [at] cohousing.org Unsubscribe and other info: http://www.cohousing.org/cohousing-L
-
Financing for Coops Jenn Cartee, April 21 2003
- Re: Financing for Coops Danny Milman, April 21 2003
Results generated by Tiger Technologies Web hosting using MHonArc.