Re: Creative financing of individual portions of the common house?
From: Maggi (maggiintranet.org)
Date: Mon, 28 Jul 2008 17:00:34 -0700 (PDT)
No, it's not a lot development model. We are condominiums, about 75% built, but we still after several years have a few unsold units even in the built portions. This means that our contingency fund has been eaten up to pay for taxes on unsold units. We are now planning a significantly pared-down version of our common house because we're sick of not having one. Total cost of construction loan per household should be about $18k.

-Maggi

On Jul 21, 2008, at 8:43 PM, Mabel Liang wrote:


Just looking for some clarification

1) Sounds like a lot development model, yes?
2) You can't possibly mean that each household will be paying $18,000 per month for the common house. Is that the portion which they need to come
up with somehow, for a total of $21,000?

We are apartments and townhouses, so the cost of our common house was
figured into the cost of the unit, and thus, into people's individual
mortgages. There was at least one case where a group of people chipped in to invest in a unit, with a complicated payback scheme depending on how
long the resident-owner stays in the unit.

We also had some internal loans for our down payments.

-- Mabel :-)

Mabel Liang
mabel [at] twomeeps.com
Software Engineer turned Gardener
Cornerstone Village Cohousing
Cambridge, MA

---------------------------- Original Message ---------------------------- Subject: [C-L]_ Creative financing of individual portions of the common
house?
From:    "Maggi" <maggi [at] intranet.org>
Date:    Mon, July 21, 2008 8:12 pm
To:      "Cohousing-L" <cohousing-l [at] cohousing.org>
---------------------------------------------------------------------- ----


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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