|Sympathetic lenders||<– Date –> <– Thread –>|
|From: dahako (dahakoaol.com)|
|Date: Fri, 16 May 2008 04:30:49 -0700 (PDT)|
Hi- There are stable lenders out there that can navigate the conventional markets, or their margins, and are also sympathetic to cohousing goals.? CDFIs, aka community development financial institutions, have community lending missions that may be compatible with affordable cohousing.? Some of them are big enough to handle a cohousing deal. There are also local or regional banks that do not resell their mortgage notes (such as BB&T) who may be interested in cohousing for their own reasons.? I may not, because of restrictions related to my employment, take on the task of researching these resources and establishing relationships with such lenders, but I bet there are some people on this list who could. For affordable housing, the critical gaps are usually 1) on the front-end, where deals need extra pre-development money to plan, secure site options, and establish a solid project team; and 2) on the back-end, where a source has to be found for the subsidy needed to make units affordable.? Given the pre-sell rate of a typical cohousing, there are usually conventional lenders around that are willing to provide construction financing once 1 and 2 above are demonstrated. On the philosophical question of investment v community, I find that the dichotomy muddies the argument for me.? Money is just a symbolic way of expressing value of a thing or a process in a way that allows us to make comparisons and decisions.? We all value cohousing highly, so it should cost more, right?? Maybe not, if we are embedded in a culture that values the structures more than the community.? That doesn't mean that a person putting their hard-earned money up for a cohousing unit shouldn't worry about how their money will hold its value, it just means they are getting a screaming deal because they are only paying for the house and they are getting something they find even more valuable: community. So, I think the concern is maybe that folks are worried that people will buy a cohousing unit only for the building/house, and not value the community that comes with it? Jessie Handforth Kome Eastern Village Cohousing Silver Spring, Maryland "Where the sedum on the green roof is spreading out and digging in."
- Re: Low cost housing, (continued)
- Re: Low cost housing balaji, May 14 2008
- Re: Low cost housing John Faust, May 15 2008
- Re: Low cost housing Tim Mensch, May 15 2008
- Re: Low cost housing balaji, May 16 2008
- Sympathetic lenders dahako, May 16 2008
- Re: Sympathetic lenders John Faust, May 16 2008
- Re: Sympathetic lenders Brian Bartholomew, May 16 2008
- Re: Sympathetic lenders Greg Hope, May 17 2008
- Financial innovation Brian Bartholomew, May 16 2008
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