Re: Proect Approval by FHA or FNMA
From: John Leet (
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


Message: 2
Date: Wed, 5 Sep 2012 08:06:23 -0400
From: R Philip Dowds <rpdowds [at]>
Subject: Re: [C-L]_ Project Approval by FHA or FNMA
To: Cohousing-L <cohousing-l [at]>
Message-ID: <6453160C-C1BB-410F-A5AA-C34E6EADFE43 [at]>
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.

  • (no other messages in thread)

Results generated by Tiger Technologies Web hosting using MHonArc.