Cohousing-L Mailing List: Re: Money and Greater Hartford Cohousing

[Kay Argyle (argyle]

Membership in Wasatch Cohousing (the name of the development company for
Wasatch Commons) was $300 per adult nonrefundable plus a monthly assessment
of $400 per month per household (in the case of two-income households).  

The monthly assessment was used for operating expenses during the
development and construction phases (everything from advertising to
landscaping).  It was credited towards your eventual mortgage, up to 7%. 
Anything above 7% was refunded at the time of the closing.  Once you closed
you no longer paid the assessment, but the condo fee instead.   Part of the
membership agreement was that, if you left the group, you got your
assessment money back AFTER the construction loan was paid off.  

A few members (the "deep pockets") loaned Wasatch Cohousing money for the
construction loan (whatever percent the bank expected us to come up with). 
They were also paid back, with interest, when the construction loan was
paid off, which we were able to do shortly before the last couple of
closings.

New members were not expected to "catch up" with older members.  For a
while they credited interest to the balance in the assessment accounts, but
decided to quit doing that.

Kay Argyle
Wasatch Commons
SLC