Financing for Coops
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)



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