Letter of Support: FNMA-FHA Request to Address Cohousing in Lender Guidelines
From: Alice Alexander (alicecohousgmail.com)
Date: Sat, 19 Mar 2016 05:32:22 -0700 (PDT)
The Cohousing Association of the U.S. is seeking Letters of Support for our
effort to have Fannie Mae (FNMA), the Department of Housing & Urban
Development (HUD), and the Finance Housing Agency (FHA) address cohousing
in their lender guidelines. These agencies write the guidelines that
determine the underwriting rules for most American home loans. We are
asking these agencies to address cohousing in their underwriting guidelines
in order to reduce the confusion from lenders. Specifically, we are asking
that they include a searchable note that simply states:

*Cohousing communities should be evaluated as any other condominium,
cooperative, multifamily or single family development would be, depending
on the community’s relevant financial and legal structure.*

*We seek support letters* from anyone involved in the cohousing
business: lenders, bankers, developers, real estate brokers - anyone with
coho experience who can "tell the story" from their perspective that "coho
is a sound, safe, market desirable home that should be eligible for
obtaining financing by any real estate lender.  These homes maintain and
improve in value.  There is a market demand. We have a "wait list" for
buyers.  Loan default rate is low compared to other homes. Coho satisfies
an important housing need (aging baby boomers, seniors, benefits of
community), Good citizens live in Coho."

For more information, including:


   - Instructions for creating Support Letters - to be forwarded to Kathryn
   McCamant <kmccamant [at] cohousing-solutions.com> (*by **March 31 if 
possible*
   ).
   - Sample Letter

Visit:
FNMA-FHA Request to Address Cohousing in Lender Guidelines
<http://www.cohousing.org/FNMAandFHARequest>

-- 
Alice Alexander
Executive Director
www.cohousing.org <http://www.cohous.org>
[image: The Cohousing Association]

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