Re: affordable cohousing, not "gated"/ Habitat
From: Sharon Villines (sharonsharonvillines.com)
Date: Sat, 23 Jan 2010 13:45:17 -0800 (PST)

On Jan 23, 2010, at 9:20 AM, Elizabeth Magill wrote:


Here are the rules and prices: http://www.mosaic-commons.org/40b

I encourage people to look at this page -- it outlines requirements very clearly and is a good model for explaining on other sites. The rules are usually fairly cut and dried but the explanations are hard.

The MA state levels for affordable in Berlin are the same as low income in the HUD figures for Berlin.

On Jan 22, 2010, at 5:15 PM, Elizabeth Magill wrote:

We still have 2 and 3BR homes available at Mosaic Commons in Berlin,
MA that cost $145 to $175K. Our neighbors at Camelot Cohousing have 1
bedrooms for $138K.

The mortgage on payment for a purchase of a $150,000 home with a 3.5% down payment would be:

$5,250 down payment
$1,500 closing costs probably of 1-2%. Used 1%

$6,750 at closing

$867.86 Monthly mortgage payments on a 6%, 30 year fixed, on $144,750.

I've forgotten how much mortgage insurance is but it would certainly be required. Higher points might apply but perhaps these are capped by the state too.

Then there are utilities and condo fees.

This could easily equal $1,000 a month. With an expected monthly expectation of $571 for an efficiency or $840 for a two bedroom, a one bedroom I assume would be about $700 (I didn't save thee one bedroom figures).

There is a difference there of at least $300 a month.

This is why I think mixing market rate and affordable when people really need low cost housing with totally monthly costs closer to $500.

On Jan 23, 2010, at 9:07 AM, Elizabeth Magill wrote:

Condo fees are set by the state to fit the formula so that 1 or 2
people will qualify for the 1BR home, 3 people will qualify for the
2BR home, and 4 or more people will qualify for a 3BR home. (We only
have 1, 2, 3BRs in the "affordable" program.)

They set condo fees? The monthly condo fees?

Outside of the condo fee, we also have a cohousing fee. This is on a
sliding scale.

How do you separate condo fees from cohousing fees? What fits where?

Sharon
----
Sharon Villines
Takoma Village Cohousing, Washington DC
http://www.takomavillage.org





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