low cost housing
From: Harriet Lewis (hlewissonic.net)
Date: Sat, 15 Jul 2006 16:04:33 -0700 (PDT)
Consider the concept of limited equity housing. That is how Santa Rosa Creek Commons in Santa Rosa, California, was built. Residents buy a share of the whole property when they join the coop and when they leave they sell their share back to the coop for the same price they paid plus a little extra for inflation. Residents have accepted the idea that they will not be making money in the real estate market. In exchange , they have inexpensive housing. We also have 10 units which have state assistance . The residents of these units also buy a share (less than the non assisted) and then pay 25% of their income for a monthly carrying charge with the state picking up the difference between what they pay and the actual costs. We will be 25 years old next year and we are still holding our monthly carrying charges to less than half of the rental market value. We do get a home owners tax deduction from our mortgage and we are self managed. I have no idea if this can still be done but it worked for us.

Harriet Lewis, Santa Rosa Creek Commons (27 apartment units)


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