Cohousing-L Mailing List: affordability

[Judy (BAXTER%EPIHUB]

FROM:  Judy Baxter, Monterey Cohousing Community, (MoCoCo)
-- Twin Cities Area, Minneapolis/St.Paul Minnesota
-- e-mail:      baxter [at] epivax.epi.umn.edu
-- Resident of the "mansion"- the 1st 8 homes in a rehab Georgian building built
as a retirment home in 1924 - developing 15 new legal condos - look like
townhomes, on the property
John Rever wrote:
Date: Fri, 09 Jun 1995 13:17 -0500 (CDT)
From: "REUER,JOHN PHILLIP,MR" <BNZ3 [at] MUSICB.MCGILL.CA>
.....
As far as your observation that cohousing is not affordable goes, I tend
to agree, but there are communities which do include low and moderate-
income owners. (For definition lovers, low is less than 80% of median
income and moderate is 80 to 120% of median income.) Pioneer Valley has
10 affordable units, out of a total 32. Southside Park has affordable
units for 5 low-income households and 7 moderate income households.
Common Ground, through very significant subsidies, has all of their(21)
units affordable. And let's not forget N Street, which is probably the
most affordable cohousing, (I'm guessing.)
.......
And MoCoCo has 4 "studio" type 1 bedrooms, in the mansion, for very affordable
prices,  i don't remember details, $26,000-? $35,000, including equity sharing
for our initial 30% down payments.  And I also agree, the initial model tends
to be a lot less affordable than we all would like.  

I just have to say, in my burned out state, that there is only so much us
idealists/burning souls can do at once. I know there is tons of information
outthere (and referenced here) that could be useful to us, and there is just no
time to follow it all up.  And believe me, I don't see a lot of our recruits
wanting to do that..  So we are the 1st wave.

Judy