Creative financing of individual portions of the common house?
From: Maggi (maggiintranet.org)
Date: Mon, 21 Jul 2008 17:12:08 -0700 (PDT)
We are starting to plan our common house for the third time. =P As part of this process, we have a subcommittee looking at creative ways to help our members finance their individual portions of the common house, both a) the down payment (very roughly $3k each household) and b) the monthly payment toward a total portion (very roughly $18k each household). This does not include monthly payment of taxes, insurance and utilities.

Of course, there are the usual home equity loans and gifts from Uncle Joe, but we know we have at least a few members who will not be able to manage either (a) or (b). We are wondering how other communities have helped their own members with this kind of additional cost.

Thanks!

-Maggi Idzikowski
Touchstone Cohousing
Ann Arbor, Michigan

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