Re: Cohousing-L Digest, Vol 115, Issue 6 | <– Date –> <– Thread –> |
From: Kathryn McCamant (kmccamantcohousingpartners.com) | |
Date: Wed, 7 Aug 2013 16:16:17 -0700 (PDT) |
When we first started trying to create cohousing communities back in the mid-1980's, we had lots of hope for the half ownership/half rental model. However, the larger context in which we work ultimately drives many financing options. Mortgage regulators (Fannie Mae and FHA)have strict restrictions on how many rentals a community can have. The actual percentage moves around, but the general recommendation I am hearing from various sources is keeping the total number of rentals to 30% or less will help your community be sure that you can get the most competitive mortgage financing rates. Keep in mind that some of your owners may also want to rent from time to time, so the number of "permanent" rentals should be less than that. The other hurdle with rentals in cohousing is who is going to own them? Its hard to be an investor when all of your neighbors are anti-profit. Nobody within the community wants to be the landlord and do those lovely landlord duties like raising the rent, dealing with late payments, etc etc. The other consideration that most people miss is that most affordable housing, built by non-profit developers-- actually cost more to built than most market rate housing. I don't think you can get to a lot less expensive home by cutting much out of construction costs. If you are interested in rental or permanently affordable cohousing, I would urge you to organize a group specifically with that goal and approach the local non-profit affordable housing developers in your region. They know how to put together the subsidies and financing to build permanently affordable housing...of course, that also comes with lots of regulations and requirements. Katie -- Kathryn McCamant, President, Architect CoHousing Partners, LLC 241 Commercial Street Nevada City, CA 95959 T.530.478.1970 C.916.798.4755 www.cohousingpartners.com On 8/7/13 3:53 PM, "MJWB" <mjwyogini [at] yahoo.com> wrote: > >Hi Sharon, > > I read all of your post and I understand your viewpoint. However, >Cohousing communities >could be built with 1/2 (for example) built as only rentals. I don't >think it has anything to do with >a person's willingness to be part of the community if they rent. It's >only those who are really into "ownership" >who think that way. (In my opinion) > > I am not embarrassed by people who take opulent vacations. I think they >should be embarrassed. >Why? because I think it's so self indulgent. So you see, I have >a different viewpoint. Capitalism is the root of all problems. > > Thanks, take care, >Marsha > > > > >________________________________ >_________________________________________________________________ >Cohousing-L mailing list -- Unsubscribe, archives and other info at: >http://www.cohousing.org/cohousing-L/ > >
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Re: Cohousing-L Digest, Vol 115, Issue 6 MJWB, August 7 2013
- Re: Cohousing-L Digest, Vol 115, Issue 6 Kathryn McCamant, August 7 2013
- Rentals in Cohousing Sharon Villines, August 7 2013
- Re: Cohousing-L Digest, Vol 115, Issue 6 Ellen Keyne Seebacher, August 11 2013
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Re: Cohousing-L Digest, Vol 115, Issue 6 MJWB, August 7 2013
- Re: Cohousing-L Digest, Vol 115, Issue 6 Diana Carroll, August 7 2013
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