Cohousing-L Mailing List: financial review of applicants

[gkvontob (gkvontob]

Kennebec Valley CoHousing I & II (rural Maine cooperatives) are within
months of ground-breaking (if the bridge don't break and the creek don't
rise :) )  KVCH I will be 16 FmHA affordable homes.  As a cooperative, we
have the unique blessing of working as a unit.  But there are concerns
about how much screening is necessary to avoid the co-op becoming burdened
with households that are unable to meet their co-op fees.  Some of us
believe that whatever is good enough for FmHA is good enough for us.  But
others wonder if there is some background check or questionnaire that would
be helpful to avoid future problems.  Under the terms of our 515 rural coop
loan, we will be hiring a management firm to assist and train us to
self-manage our development.  The sooner and better we manage, the sooner
shareholders begin to accrue equity in an escrow account (called Patronage
Capital).  

We are committed to making our vision accessible to anyone who shares the
vision regardless of income.  With the subsidy of FmHA this appears
do-able.  [By the way, under the terms of the 515 rural co-op loan, one
need not be a first time home buyer.]

Our concern at this time is that we are rigorously recruiting (having lost
folks along our 2 1/2 year journey) and we may not have extended amounts of
time to get to know people as well as we would like before final
commitments.  Suggestions welcome.  Also interested in folks that have been
moved in -any cooperatives out there?  How have you dealt with default on
fees?

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Grace Von Tobel
Kennebec Valley CoHousing (KVCH)
Kennebec County, Maine
 
Grace Von Tobel
Kennebec Valley CoHousing (KVCH)
Kennebec County, Maine
gkvontob [at] colby.edu
(207)547-4244