|Re: Proect Approval by FHA or FNMA||<– Date –> <– Thread –>|
|From: John Leet (jwleetaol.com)|
|Date: Thu, 6 Sep 2012 07:46:54 -0700 (PDT)|
Amen and another Geez Louise! We are selling a condo development. I am asked about how we will deal with local regulations in Panama for our Panama Cohousing Village. Our project looks like a condo, walks like a condo, talks like a condo. For the authorities (we probably will do no financing), we are a condo. End of story. Also, given the values of most cohousing residents, we should be trying to deal with Credit Unions and Community Banks, not the BOA's and the Chase's. In fact, I think the Cohousing Association should start a Credit Union, where we can all deposit our money. There is a multiplier effect which will create even more dollars for cohousing and other good projects. John Leet A founding member of Panama Cohousing Village http://www.facebook.com/PanamaCohousingVillage ------------------------------ Message: 2 Date: Wed, 5 Sep 2012 08:06:23 -0400 From: R Philip Dowds <rpdowds [at] comcast.net> Subject: Re: [C-L]_ Project Approval by FHA or FNMA To: Cohousing-L <cohousing-l [at] cohousing.org> Message-ID: <6453160C-C1BB-410F-A5AA-C34E6EADFE43 [at] comcast.net> Content-Type: text/plain; charset=windows-1252 I continue to be baffled by this thread. Formally, officially and legally, cohousing does not exist. Fogeddabowdid. We are all organized and occupied under State enabling legislation for condominiums and/or HOAs. Maybe we have an semi-unusual mix of common spaces, but communally owned space is recognized by condo and HOA law. Maybe our bylaws look a little funny, emphasizing "consensus" as our decision mode ? but never mind that, all our major decisions about assessments, expenditures, acquisitions and sales must ALSO comply with State rules for condos and HOAs. Seems to me that the point to emphasize to regulators and lenders is that our communities are intended to be, and must necessarily be, fully compliant with all State and federal law. If we want to have sing-alongs every other night, that's OK too, but this has nothing to do with the legality or formal operations of our associations. We are dead legal, always and forever. And, as an extra-special bonus, our turnover rates and defaults are LESS than for ordinary condos and HOAs. So give us the money. Geez Louise. RPD
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