Mortgage Problems for Land Trust
From: Blaise Tobia (tobiabjdrexel.edu)
Date: Thu, 29 Jul 2010 12:17:27 -0700 (PDT)
WHYY-FM - NPR radio in Philadelphia - just ran an interesting piece about a 
local land trust community, Bryn Gweled. BG is located in Southampton, a 
Philadelphia suburb, and is seventy years old. Residents own their houses but 
not the land, which is held cooperatively. Some of the land is, I believe, in a 
watershed preservation trust. They often eat together (although there is no 
common house) and do many outside maintenance chores together. Apparently, with 
the loss of any truly local bank, it has become impossible for potential new 
residents to get a mortgage for a house in Bryn Gweled, given the unorthodox 
nature of the property relationships. The report may be heard at
<http://whyy.org/cms/news/regional-news/2010/07/27/will-mortgage-rules-end-70-year-housing-co-op/42592>

-- Blaise Tobia

Pearl Court - West Philadelphia "Co-Yarding"




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