Cohousing-L Mailing List: Re: co-buying (was Use of shared equity ownership in Cohousing?)

[jmcarle (jmcarle]

I am considering an approach where a separate corporation owns the
development as a whole but rents to community members, most of whom are
equity owners of the corporation but at different investment levels.  

This "Legal Basics for Forming Communities" course from FIC provided a
wealth of information:  https://www.ic.org/legal-course/

One challenge I see is construction and long-term financing of the
development, but I expect that can be achieved fairly readily.  Also
interested in seeing more conversation on this topic.  

Cheers!

Janice Carle

-----Original Message-----
From: Cohousing-L <cohousing-l-bounces+jmcarle=gmail.com [at] cohousing.org> On
Behalf Of Chuck Harrison
Sent: Wednesday, May 18, 2022 10:27 AM
To: cohousing-l [at] cohousing.org
Subject: Re: [C-L]_ co-buying (was Use of shared equity ownership in
Cohousing?)

The gocobuy site seems to be handholding for split-ownership home buyers.
My romantic partner and I bought our current cohousing unit as split owners
and none of the real estate or mortgage professionals batted an eye. I
didn't realize you need a consultant to do this! (P.S. we later got married
and are raising a 5-year old now.)

In my mind the OP was looking for arrangements where persons with limited
wealth can have full occupancy but fractional equity ownership. Maybe the
HOA, or a different legal entity set up for the purpose, holds the remaining
equity fraction? You can have community land trusts, maybe community housing
trusts? Definitely outside my wheelhouse but would love to watch this
conversation continue.

Chuck

On Tue, May 17, 2022 at 11:45 PM Grace Kim <grace [at] schemataworkshop.com>
wrote:

> @ Gary Hellenga, Bozeman Cohousing
>
>
>
> Re: Our community is considering some form of shared equity ownership, 
> to assist members who may need help with home prices rising so 
> rapidly.  We would like to hear from any other community that has 
> implemented a shared equity approach, or has looked into it!
>
>
>
>
>
> Sunnyside Village in Marysville is encouraging this.  Not sure if they 
> have anyone committed.
>
> But here is a site that is supposedly trying to help buyers streamline 
> the process.
>
> https://www.gocobuy.com/cobuyer-stories
>
>
>
> Hope you are able to do this.
>
>
>
> grace h. kim faia | schemata workshop, inc.
>
> principal
>
> pronouns: she/her
>
>
>
> 1720 12th avenue
>
> seattle wa 98122
>
> p 206.285.1589   c 206.795.2470
>
> schemataworkshop.com
>
>
>
> Watch my TED talk at TED.com
>
>
>
> Schemata Workshop employees are working remotely given the current 
> public health situation.
>
>
>
>
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