Cohousing-L Mailing List: Re: Financing for Coops

[Danny Milman (danny]

Hello.

I believe that Winslow Cohousing on Bainbridge Island, WA, is a coop.

Danny
MILMAN

The CoHousing Company
1250 Addison Street #113
Berkeley CA  94702

510/549-9980
510/549-2140 fax



> From: Jenn Cartee <jenn [at] horde.org>
> Reply-To: cohousing-l [at] cohousing.org
> Date: Mon, 21 Apr 2003 14:01:21 -0400
> To: cohousing-l [at] cohousing.org
> Subject: [C-L]_Financing for Coops
> 
> 
> Rob Sandelin wrote:
> 
> "Unlike Minnesota, we don't
> have a cooperative development fund. (That I know of, and I know less and
> less as time goes on)  I have heard its easier to do a coop on the East
> Coast but don't know of many cohousing groups that setup as coops other than
> Eco-village of Ithaca. Maybe there are dozens and I just don't know about
> it. I agree it seems a natural for cohousing, but it also seems fairly
> unusual as a funding mechanism. I do not know the percentage of coops vs.
> condos in cohousing development but my impression that it is small, maybe
> 20%? This would be interesting to know more data on."
> 
> We at Mosaic Commons were originally asking because we had only heard of one
> cohousing group that was actually organized as a coop.  I don't think it is
> common at all, but it does seem like a real and viable possibility for us that
> has the potential to make our permitting easier (the town might be able to
> count *all* of our units towards its affordable housing goals because coops
> might be classified as rentals--our lawyer is looking into it).  Our attorney
> has gotten tentative commitments for financing both a blanket loan of up to
> 85% of the unit costs and share loans to make up the difference, from lenders
> who have already funded coops.  There are a lot of new programs out there and
> the financing is less of an issue than whether the structure will help our
> permitting and whether it is a structure our members are comfortable/happy
> with.
> 
> If anyone knows of other coop cohousing communities (beyond Eco Village (and
> Rosewind?)), please let us know!
> 
> best,
> Jenn Cartee
> Mosaic Commons (conducting feasibility on property in Harvard, MA)
> 
> 
> 
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