Cohousing-L Mailing List: Re: residents with financial problems

[David G Adams (dadams]

> Some in the group say, "We can't go making exceptions for him,
> because then we'll need to make exceptions for others, and it could
> end up costing the others a lot of money."
> 
> Others believe "We're a community and we need to look out for each other.
> 
> In this case, he'd only like us to hold a spot for a period of time, not t
> provide cash. FUture dilemma may require $$$.
> 
> Any Ideas out there in cyberworld?

We have members who are "house rich" and cash poor, and therefore may have 
trouble coming up with money for downpayments / fair share payments.  We 
also have members who have inheritances or nest eggs, but probably not 
enough income to qualify for a mortgage.  Some members are dreaming of 4 
bedroom homes and not really thinking about what they will _really_ be able 
to afford.  We are taking a few steps to help control these problems.

* Our membership document has provisions for a "special status" full member. 
 The full membership can agree to not require certain obligations.  These 
include "qualify for mortgage" and "serve on committees" (some full members 
may live out of town currently).

* We have appointed a "financial counselor" to be the holder of the 
financial secrets.  He is "prequalifying" members to help determine how much 
they can afford, and trying to work out plans of attack.  

* We are actively persuing an affordable houing program for 6 - 10 units.

* We are  wishing for the capital to build some rental units into the plan. 
 
Dave Adams
Cornerstone

______________________________________________

  |\/\/\/|  David G. Adams   
  |____  |  U4 Consulting
 OO    ) |  Arlington, MA
 (       |  dadams [at] world.std.com
  |      |  CompuServe: 72630,1374
______________________________________________