Cohousing-L Mailing List: Re: co-op

[Jim Snyder-Grant (jimsg]

Hi Catya:

New View (Acton MA) is built as a condo not as a coop. We considered a coop
structure - mostly for membership control - but we found absolutely no bank
that was willing to loan us enough construction money as a coop. Basically,
at the time it appeared that banks doing business in Massachusetts treated
coop housing the same as rental housing, where the developer has to cough up
a very large portion of the construction cost, instead of the "only" 22% or
so we needed to put up for condo construction.

So do make sure you either have a high enough non-bank downpayment source
(most normally your members), or that you get up to date info that makes
clear that our experience is no longer relevant, before you commit to a coop
structure.

And good luck out there in Harvard MA!

-Jim Snyder-Grant, New View, Acton MA, where we just had a big welcome party
for our newest household - the second new household in 7 years.

----- Original Message -----
From: "Catya Belfer-Shevett" <catya [at] homeport.org>
To: "Cohousing-L@Cohousing. Org" <cohousing-l [at] cohousing.org>
Sent: Monday, April 14, 2003 8:44 PM
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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