Cohousing-L Mailing List: Re: Single developer-cohousing model

[Dick Margulis (dick]

On 9/18/2018 1:26 PM, Kathryn McCamant wrote:
> I know of no developer that will partner with cohousing buyers without being 
> convinced that there is a group that can get the project sold out, and that 
> buyer's group is ready to put in all or at least most of the equity required to 
> get the project to get to the start of construction.  Developers will partner 
> with cohousing groups, but they tend to be looking for partners sharing the 
> risks rather than buyers taking little risks until the end of the project.
>
> I'd love to hear if anyone knows of any one seeing something else.

Here's the model we're using:

We began as a grass roots group and continue to be one. By that I mean 
this group came into being as strangers who had heard of cohousing and 
were attracted to the idea. One person put a notice in the paper 
announcing a living room meeting, and other people showed up. The group 
has continued to grow on that basis, not by some core clique of friends 
instigating the plan and recruiting strangers to join their enterprise.

We hired a housing consultant (not a cohousing consultant), who is 
experienced in developing affordable multifamily housing sponsored by 
nonprofits. He has the development expertise, but our group formed a 
nonstock corporation to be the developer of record, so we could sign 
contracts, etc. Dave Berto, who will be speaking at the Northeast 
conference next weekend, continues to be our consultant and to guide us 
along the tortuous path toward completion.

Dick Margulis
http://www.rockycorner.org
1-, 2-, and 3-bedroom market rate and affordable units available