Re: Affordable Cohousing
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!

Results generated by Tiger Technologies Web hosting using MHonArc.