Cohousing-L Mailing List: RE: co-op

[Rob Sandelin (floriferous]

Before you make that decision, be sure you can find a financier. Out where I
live banks rarely are willing to finance coops. It may be different in your
area. I know Songaia worked incredibly hard to be a coop, and all their
financing fell apart so they ended up condo. Winslow is the only  one around
here, and even though they have been models in terms of mortgage payment,
the  guy who approved their coop package was apparently sacked, and they
don't do coops anymore. The S&L crisis of the early 90's (George Bush Srs
scandal) resulted in a massive reduction in FNMA support for portfolio
loans, like from 35% of capital to less than 2%. This means nothing to most
of you but the practical end of it was that non-standard, FNMA backed loan
money disappeared. This toasted the coop market in the west. So be sure you
find a lender to back a coop first before making that decision in stone.

Rob Sandelin
South Snohomish County at the headwaters of Ricci Creek
Sky Valley Environments  <http://www.nonprofitpages.com/nica/SVE.htm>
Field skills training for student naturalists
Floriferous [at] msn.com


-----Original Message-----
From: cohousing-l-admin [at] cohousing.org
[mailto:cohousing-l-admin [at] cohousing.org]On Behalf Of Catya
Belfer-Shevett
Sent: Monday, April 14, 2003 5:44 PM
To: Cohousing-L@Cohousing. Org
Subject: [C-L]_co-op



Hi all,

For assorted town political reasons, it may make sense for us to move
forward as a co-op rather than as a condo.  Can someone tell me which other
cohousing groups in the US are set up as co-ops?

Thanks!

        - catya, Mosaic Commons, MA
                              ____
Catya Belfer-Shevett      ____\  /      Interested in
catya [at] pobox.com           \  / \/      Cohousing in MA?
www.catya.org              \/       www.mosaic-commons.org

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