|Re: Construction Loans||<– Date –> <– Thread –>|
|From: Dick Margulis (dickdmargulis.com)|
|Date: Fri, 31 Jan 2020 11:18:07 -0800 (PST)|
On 1/31/2020 12:21 PM, Dean smith via Cohousing-L wrote:
There was a suggestion (ok, I make it) in one of the workshops at last spring’s Cohousing Conference in Portland, OR, that the movement could benefit from federally guaranteed construction loans. In much of Europe, governments give grants to start-up cohousing projects. The idea was that we lobby HUD to establish funds to at least guarantee loans. There would need to be some basic requirements to qualify for guaranteed loans (Cohousing.org <http://cohousing.org/> might be able to help with that). This would relieve confusion within banks about how to deal with cohousing loan requests. What do people thing? Ideas? Downsides? Upsides?
A hard lesson learned about accepting government involvement: Budget for twice the highest estimated construction cost, because red tape will eat up half of whatever you borrow.
- Re: Construction Loans, (continued)
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