|Re: Cohousing investors and securities law||<– Date –> <– Thread –>|
|From: Kathryn McCamant (kmccamantcohousingpartners.com)|
|Date: Wed, 7 Jan 2015 09:45:48 -0800 (PST)|
Dear Jim, I don't think most cohousing groups are trying to "avoid" securities laws.... Much the opposite. I know for a fact that your community, PDX Commons, has engaged a well respected real estate attorney to advise your group on exactly what they need to do to make sure they meet the requirements of securities laws in Oregon. That being said, cohousing communities tend to be small groups that are very involved in the project they are investing in....likely much more involved than your typical real estate investor. In CA, there is an exception from the requirement to register a public securities offering if you have 35 or less non acredited investors. This works well for most cohousing groups. I do recommend doing all you can to avoid the costs of paying an attorney to write up a public securities offering to explain to you, the cohousing community members, that real estate development is risky. You can save a lot of money by just being very clear with people before they join to make sure that they understand that real estate development comes with lots of inherent risks and that they could lose all there money. Nothing under the radar there. And, of course, every community should consult an attorney that knows their states laws,as they tend to be a little different state to state. Respectfully, Katie -- Kathryn McCamant, President, Architect CoHousing Partners, LLC 241 Commercial Street Nevada City, CA 95959 T.530.478.1970 C.916.798.4755 www.cohousingpartners.com On 1/6/15 1:36 PM, "Jim Swenson" <swensonian [at] gmail.com> wrote: > >Can someone point me to the legal theory that allows contributions >from initial cohousing equity members to avoid state and federal >securities regulations? I've done a lot of searching in the >cohousing-L archives and found precious little talk - probably for >good reason. But, with the amount we are investing in our project, we >are not quite comfortable with the "just don't say anything - fly >under the radar" approach. I'd appreciate any thoughts either directly >to me or to the list. >Thanks. >Jim Swenson >PDX Commons Cohousing >Now 50% subscribed >pdxcommons.com >swensonian [at] gmail.com >_________________________________________________________________ >Cohousing-L mailing list -- Unsubscribe, archives and other info at: >http://www.cohousing.org/cohousing-L/ > >
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