|Re: Affrodable/low cost housing||<– Date –> <– Thread –>|
|From: Fred H Olson (fholsoncohousing.org)|
|Date: Tue, 20 May 2008 06:14:50 -0700 (PDT)|
"R.N. Johnson" <cohoranda [at] yahoo.com> is the author of the message below. It was posted by Fred the Cohousing-L list manager <fholson [at] cohousing.org> -------------------- FORWARDED MESSAGE FOLLOWS -------------------- The community I live in is very affordable by local (greater Bay area standards) because we bought a already existing complex of rental units that was, in our real estate agent's words "too big for a small-time landlord and too small for a commercial outfit". Also, we are have a tenancy in common legal structure, not a condominium structure. This allowed several of our members to buy in who could never have afforded a comparable condo, but ties us in to worse interest rates and a higher down payment. I would encourage people looking at affordable cohousing to consider the TIC route. We were able to accomodate people who did not have as much $ for a downpayment because several members who had the $ put down more to have a lower monthly payment. You do have to spell out carefully what happens if someone defaults, and there are fewer banks that will lend to you. I would also strongly suggest talking to your local Habitat for Humanity or other similar organizations. We did not ending up building from the ground up, but had explored the possibility of having Habitat build a couple of units, and also contribute a construction crew leader and possibly some volunteer time to work on the common house, which would lower everyone's costs, and would have allowed those of us interested in serious sweat equity but not qualifying for Habitat to benefit. We also met extensively with local city and county officials in the hopes of getting some support for affordable units there. Everyone was very positive about the idea, but we just didn't fit into the right categories; we were neither a big developer, nor a group comprised exclusively of very low income individuals. I hope that as time goes on more government officials will see that cohousing is a way that quality "low income housing" can be included in the larger community without a huge expense, and find ways to support developing communities that want to incorporate housing for people on limited incomes. Randa Johnson New Brighton Cohousing -- Fred H. Olson Minneapolis,MN 55411 USA (near north Mpls) Communications for Justice -- Free, superior listserv's w/o ads: http://justcomm.org My Link Pg: http://fholson.cohousing.org 612-588-9532 (7am-10pm CST/CDT) Email: fholson at cohousing.org fholson at cohousing.org 612-588-9532 vWM (7am-10pm Cent time)
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