Cohousing-L Mailing List: Right of First Refusal

[Kelly Devine (hyghroad]

Fellow Cohousers and others:

Happy to announce that Champlain Valley Cohousing is about to sell its first
home and have its first residents. We couldn't be happier to have finally
reached this stage.

One issue that seems to keep popping up as members get ready to purchase
their homes is our right of first refusal clause. CVC has included a deeded
right of first refusal to allow the HOA to buy homes at market price from a
community member who sells. I understand this is a common way in cohousing
to ensure some control over the membership in the community. We recently
learned that Fannie Mae and Freddie Mac prohibit right of first refusal
clauses.

Can anyone relate their experience with this and perhaps offer ideas on how
they got around it.

Kelly

--
Kelly Devine
Executive Chair
Champlain Valley Cohousing aka Common Pastures
www.champlainvalleycohousing.org
802-425-5030
hyghroad [at] gmail.com