|Affordability||<– Date –> <– Thread –>|
|From: Michael Arnott (mikearnottjuno.com)|
|Date: Fri, 28 Jan 2000 10:01:41 -0700 (MST)|
I'm on the Affordability Committee of Cornerstone Cohousing in Cambridge, Massachusetts. We own our acre and a half, most (but not all) of our 32 apartments and townhouses are sold, and we will soon begin construction. The questions that follow are ones I couldn't find answers to at <www.cohousing.org>. They all relate to information useful in making both market rate and subsidized units more affordable. They are part of our effort to show the affordable housing financing community that the cohousing model of mixed low middle to upper middle income housing and the community-building focus of cohousing is of great value to society and worthy of their financial support. The challenge we all face is that affordable housing is usually created in one of two ways: funding by developers building developments with no public subside that are 70% to 80% luxury housing and 20% to 30% affordable housing, or by public and private funding of all-subsidized developments. The affordable housing development community is leery of investing in mixed income affordable housing because they believe the available dollars can, for a number of reasons, create more units in all-subsidized developments. The Questions: What is the current total numbers of completed, under construction, own land, and land under agreement cohousing communities in the United States. How many cohousing communities that are built, under construction, or own land have a subsided affordable housing component; how many units in each (and unit type and number of bedrooms) are market rate and how many are subsidized? Has anyone heard even a rumor of a foundation in the United States that helps cohousing communities pay their "developer's" affordable housing subsidy? Has any cohousing community had experience setting up a 501-C-3 non-profit corporation? Is it practical (and legally feasible) to purchase some of a cohousing community's otherwise market rate units under a less expensive limited equity agreement at the discretion of individual buyers? Would that mean they would have to be co-op units? I have only heard of limited equity in connection with co-ops, and Cornerstone, like most cohousing communities is planned as a condominium. Is a limited equity condominium unit a legal possibility? Could condo or co-op limited equity units exist in a condominium with traditionally subsidized and market rate units? Is a mixed or dual condo and co-op structure possible? (As Americans we see home ownership as an investment as well as part of our American Dream. Limited equity home ownership takes the investment out of the equation. But a good mix of mutual funds can be just as reliable an investment vehicle as home ownership.) Has any cohousing community succeeded at getting a foundation to be the owner of rental unit(s)? Thank you, Michael Arnott ________________________________________________________________ YOU'RE PAYING TOO MUCH FOR THE INTERNET! Juno now offers FREE Internet Access! Try it today - there's no risk! For your FREE software, visit: http://dl.www.juno.com/get/tagj.
- Re: Affordability, (continued)
- Re: Affordability Ann Zabaldo, January 28 2000
- Re: Affordability RowenaHC, January 29 2000
- Re: Affordability John Abrams, January 30 2000
- Affordability vbradova, April 3 2000
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