Cohousing-L Mailing List: Re: "corporate" form question

[Jim Nordgaard (jimn]

All I know about my community's legal structure (which was formed before
I arrived) is the community started as a cooperative (occupying a single
retrofit building).  When the "second phase" was started (7 new
townhouses) the bank refused to finance them as a cooperative, they
insisted on individual ownership, which means the townhouse residents
needed to form a condo association.  To legally unify the community we
had to form a third "master association", which has authority over the
condo and the cooperative.  

This has little to do with our internal community organization, of
course; we operate as one community.  However, you can imagine how
complicated our legal and financial (including budget) matters have
become.  We may have the most complicated legal structure of any
cohousing community.

Jim
-- 
Jim Nordgaard /\ jimn [at] jriver.com  /\ www.jimn.org
J. River, Inc. - Monterey Cohousing Community - Green Party of MN