Cohousing-L Mailing List: Re: Affordability

[RowenaHC (RowenaHC]

I'm sure this information is in the archives, but here it is again.

Cambridge Cohousing sold two of our units to the Cambridge Housing Authority. 
 The cooperated with us in finding tenants who have been compatible - the 
first ones are still here since we've only been around for a couple of years. 
 We actually sold at a little under the "open market" price.

We also arranged for another unit to become part of what is known as the 
Cambridge Condo Initiative, which is a City program for first buyers.  The 
buyers, who must meet income eligibility requirements, buy with a minimum 
down payment and a subsidized interest rate.  There is a limited dividend 
clause in the deed - in other words, on sale the buyer can only make a modest 
proft and must sell to another qualified buyer.

We also delayed payment of a modest amount for one buyer until sale of the 
unit.

RowenaC
Cambridge Cohousing

This was the best we could do in a red-hot real estate market.