Capital Improvement Fund | <– Date –> <– Thread –> |
From: David Entin (davidentincomcast.net) | |
Date: Wed, 14 Sep 2016 06:02:48 -0700 (PDT) |
I offer our experience at Rocky Hill Cohousing, Northampton, MA in response to Sharon's query re: capital improvement fund. We have such a fund and it has been created and replenished regularly due a decision we made before move-in 11 years ago. We were concerned that some households would not do enlargements or completions (such as finishing a basement or attic or adding a deck or porch) because the initial unit price included an approximately 40% addition for "common costs," i.e., sewer, road and path paving, common house, utilities into the community, etc. To discourage waiting to add on or finish rooms until after initial construction, we reached a consensus decision in the development phase to charge additions, room finishing, etc. done after initial construction the common costs based on a certain scale (such as half for finishing basement space or 10% for a deck). Thus as individual households have added decks or finished basements or attics or added a room they have paid the common costs based on square footage. These payments have gone into our Capital Improvement Fund through the years. Dollars are expended from the fund based on a careful process and community consensus. We built a fine metal large swing set, for example, as one such capital project and added major shrubbery improvements for another. There is a healthy amount remaining in the fund for future needs. Hope that is helpful. David Entin
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