Cohousing-L Mailing List: Re: Concensus and Lenders

[Jim Snyder-Grant (jimsg]

New View (Acton MA) did something very similar. Our condo docs did get FNMA
approval, which is the main thing banks need in order to be able to easily
resell the mortgages on the secondary market.

-Jim Snyder-Grant


----- Original Message -----
From: "Peter Scott" <ps [at] ak.planet.gen.nz>
To: "Multiple recipients of list" <cohousing-l [at] freedom2.mtn.org>
Sent: Sunday, February 04, 2001 5:21 PM
Subject: Re: Concensus and Lenders


Here at Earthsong our legal stuff refers to a two step process, of firstly
that the group "shall be consulted" using the group decisionmaking process
(defined as 2 attempts at a consensus etc) and secondly failing that a 75%
majority vote of financial interests. While we see the latter as a backstop,
the banks etc see the latter and dont really care about the former. You can
read the fine print on our website at
http://www.ecohousing.pl.net/resource/ca.html

Peter Scott
Earthsong

jonathan ogren wrote:

> We are in the beginning stages of forming a cohousing group in Austin,
TX.&nbsp; Like many cohousing groups, we are&nbsp;going to use concensus as
our decision making process.&nbsp; In&nbsp; one of our very helpful
sources&nbsp;of information,The Co-Housing Resource Guide compiled by Rob
Sandelin, it says you should not state you are using concensus as your
decision making process in incorparation documents because it is not a
recognized decision making process for many lenders.&nbsp; Is this something
to be concerned about? Has anyone put concensus in their bylaws and majority
vote in their incorparation documents and had a conflict?&nbsp; Is it
possible to create both documents so they do not conflict?