Cohousing-L Mailing List: Re: membership fees

[Judy Baxter (BAXTER]

Shelly asked about early payments.

We at Monterey Cohousing (Minneapolis, MN) did various things.  I can barely
remember.  

Initially, when the  site came up, folks contributed to the earnest money what
they could (we needed $10,000, i think).  Then, when the offer was rejected,
the money was returned (I'm pretty sure).  We had monthly fees, i think it ws
$50/mo for singles, $75 for couples. That was tracked, and eventually ( and I
do mean eventually, like 3-4 years later) the townhome buyers got credit on
their downpayment and coop buyers, who had been moved in for years, got their
contribution back

those fees covered the initial professionals who helped with
feasability/business plan. 

Once we moved into phase 1, rehab of the "mansion", development expenses were
fronted with personal loans from individuals, in and out of the community - the 
townhome buyers had them credited (with interest) twd downpayment, and it was
important to the bank doing the construction loan how much money *WE* had
invested already.

this is all off the top of my head, the details are blessedly foggy now.
Judy
--------------------Original message--------------------

  > > Just curious how other groups structure out their
initial monetary payments > before a site and before professionals. > > Thanks,
> Shelly DeMeo >


Judy Baxter, Monterey Cohousing Community,(MoCoCo) Twin Cities Area, Mpls.,MN
-- e-mail:      baxter [at] epi.umn.edu
15 homes - 7 new townhomes plus 
        8 coop apartments       in the Mansion (a rehab Georgian building)
(built as a retirement home in 1924 -) which also serves as our Common House
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One 3 BR  townhome for sale - see our web page
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 Voice Mail for Monterey Cohousing - 952-930-7554
 web page: http://www.jimn.org/mococo/