Cohousing-L Mailing List: Re: HOA renting unsold homes

[Kay Argyle (argyle]

> Has any other group had the experience of the HOA owning and renting
> homes in contrast to individual owners renting a home in a cohousing
> community?  > > Marjorie Wholey

Yes -- at least, our development corporation, Wasatch Cohousing, is the
owner (once removed), not our HOA, Wasatch Commons Condominium Association.

In one instance, a bank wouldn't approve the mortgage for a unit until the
common house was completed, since a share in the common house was part of
the purchase price.  The household rented the unit from Wasatch Cohousing
for the intervening months.

Longer term, Wasatch Cohousing is part owner of a limited liability
corporation (Wasatch Cohousing Crown, LLC) that owns five rent-to-own
low-income units.

Did you have particular questions?

Kay
Wasatch Commons
Salt Lake City, Utah
argyle [at] mines.utah.edu
*:-.,_,.-:*'``'*:-.,_,.-:*'``'*:-.,_,.-:*'``'*:-.,_,.-:*


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