|Re: Affordable Cohousing||<– Date –> <– Thread –>|
|From: Susan Adams (sadams430gmail.com)|
|Date: Sat, 20 Aug 2016 14:16:54 -0700 (PDT)|
Thanks Kay. That is still a problem, which is why we will be working with Shared Capital Cooperative and/or The National Cooperative Bank. Susan On Sat, Aug 20, 2016 at 5:13 PM, Kay Wilson <kwilsonfisk [at] comcast.net> wrote: > > Just a cautionary note. When we were preparing for construction > of our community about 11 years ago, we hired a highly respected > local contractor to oversee the project. When he learned that we > were considering the co-op option, he recommended that we use the > condominium structure instead because, he warned, our local banks > were not familiar with the co-op legal structure, and might not > be willing to give us a construction loan. > > That turned out to be good advice, because as soon as our local > banks learned we were developing something called "cohousing," > there was only one bank in our county that was willing to give us > a construction loan even though they were comfortable with > condominium loans - they were skittish about the strange > (communistic-sounding) structure called "co-housing." So you > might want to talk with your local bankers about a co-op > construction loan before you make your decision. > > Kay Wilson > Meadow Wood Cohousing > www.mwcondo.com > > > -----Original Message----- > From: Cohousing-L > [mailto:cohousing-l-bounces+kwilsonfisk=comcast.net [at] cohousing.org > ] On Behalf Of Susan Adams > Sent: Saturday, August 20, 2016 12:42 PM > To: Cohousing-L [at] cohousing.org > Cc: tmalbright [at] verizon.net > Subject: [C-L]_ Affordable Cohousing > > > Hi all, > > I just can't wait any longer! Even though I don't have a great > deal of data to offer yet, I do have links. > > Floyd Cohousing currently doing business as Jubilee, is en route > to becoming a housing cooperative. > > If you want cohousing and affordability, I urge you to > investigate the CoOp option. If you become a market equity Co-Op > you can make some money when you sell your home. If you choose > to become a limited equity Co-Op, you will only recoup what you > have spent, but your community will remain not only affordable, > but, depending on the market, often extremely affordable. > > Construction loans, blanket loans, and share loans are all > available to Co-Ops. > > Check out these links > > http://www.rd.usda.gov/files/sr45.pdf (very readable) > > http://coophousing.org/resources/owning-a-cooperative/buying-into > -a-housing-cooperative/#paragraph14 > > http://sharedcapital.coop/about/ (very impressive lending > institution) > > http://www.uwcc.wisc.edu/pdf/Cooperative%20Equity%20and%20Ownersh > ip.pdf > > > I was a little daunted by the possibility of complicated book > keeping, so followed a recommendation to call a CPA in Wisconsin > who specializes in Co-Ops. It wasn't the first time (or the > second) that a professional offered to spend several hours with > us in a conference call without charge! I commented on that to > him...and his reply was "anyone who works with co-ops wants to > help more co-ops happen." Not the first time that co-ops sounded > like cohousing! > > You probably won't be the first cohousing co-op, but you might be > the second! > > > Susan > > -- > *www.jubileecoho.com <http://www.jubileecoho.com>* A great place > to grow a family! > _________________________________________________________________ > Cohousing-L mailing list -- Unsubscribe, archives and other info > at: > http://www.cohousing.org/cohousing-L/ > > > > > --- > This email has been checked for viruses by Avast antivirus software. > https://www.avast.com/antivirus > > _________________________________________________________________ > Cohousing-L mailing list -- Unsubscribe, archives and other info at: > http://www.cohousing.org/cohousing-L/ > > > -- *www.jubileecoho.com <http://www.jubileecoho.com>* A great place to grow a family!
- Affordable Cohousing, (continued)
- Affordable Cohousing Susan Adams, August 20 2016
- Re: Affordable Cohousing Fred-List manager, August 21 2016
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