Cohousing-L Mailing List: Re: Money again

[Robert Cooper (coop]

Nancy,
        Thanks for the detailed information. With this current site,
the option idea wouldn't work. The owner is FDIC and all they want to
do is get rid of the land as quickly as possible. So fast, in fact,
they are selling it with a somewhat unclear title. (Maybe this
developer is doing us a favor. Silver lining stuff.)

        A question: Do you still have a contact at the National Coop 
Bank?  My food coop (Park Slope Food Coop, Brooklyn NY), got a loan from
them and I have the name and number of that contact person. But if 
there is someone there who knows something about CoHousing, I would 
rather talk to her.

        If I understand your system, people paid a $5000 dollar
deposit, and then pay a monthly fee to build up the cash fund?
If your already have a mortgage, you are outlaying a lot a cash per
month. But it makes sense to spread out the downpayment over a year.
I know most of my cash is tied up in my co-op apt. Other members are 
talking about home-equity loans till they sell their homes or apts. 
A lot of risk...

I'll mention your system at our next meeting.

-- 
Robert Cooper  Brooklyn, NY | "We don't know who discovered water, but
coop [at] panix.com              |  we're pretty sure it wasn't a fish..."
212 309-9600 (Work)         |           Attributed to Marshall McLuhan