Cohousing-L Mailing List: structures for financing

[Rob Monk (inklip]

A few newbie questions here...

What's the best way to structure a prospective
co-housing community in terms of finances so that,
say, a loan broker would be receptive and able to find
money to purchase/develop housing property?

A STORY:

Property...
Enterit Arts project is buying three properties as
part of a package sale, but they only need one of the
three for their own live/work artist studios and
gallery/venue development in downtown Oakland. I want
to buy the two smaller properties they're selling
below appraised value with a loan for the amount of
appraised value, then use the extra money to renovate
and remodel the two properties as co-housing/ co-op
housing / condos -- probably two co-households, one in
each building, plus maybe joint investment in
development of the 3 1st floor storefronts as
commercial income property for the groups, offsetting
the loan payment burden.

People...
I have about 15 interested people -- single and
couples, mostly wanting workspace and artist-friendly
arrangements as part of the development. Several have
been pre-approved for housing loans, probably
single-family condos, or modest houses. This
arts-oriented pre-community would probably be somewhat
open to arrangements on the communal side of the
spectrum, but I imagine most of them have begun their
housing search with more traditional housing
goal/images in mind.

Are lenders willing to look at multiple families'
incomes together as buyers of a single 'first-time'
home? How must the joint buyers connect themselves
legally/financially to obtain financing?
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