Cohousing-L Mailing List: Investment opportunity?

[Tom Hammer (thammer302]

Hi All,

We are the forming group in southern PA which has had
the "ideal" piece of land thrust in our laps which we
are not really ready for, membership-wise.  It is
adjacent to a small town, 10 acres, already zoned for
clustered housing, with bonuses in terms of number of
units given for keeping 50 or 60% of the land open.

Bill Waddington, who helped design EcoVillage in
Ithaca, NY, has described it as  the most perfect
piece of land in this area he has seen for cohousing
in his 20 years of looking.  The seller would rather
sell it to a cohousing group, but developers are
offering her up to a million dollars for the property,
which includes a 250 yr old farm house in good
condition, that would become the common house.  The
owner is probably willing to hold a note for about
$300k  of the purchase price in return for her mom
being able to stay in the farmhouse until our units
are built, at which time she would get her choice of
one of our units.

We only have 3 equity households at present, who have
pledged up to $10,000 each.  What we need is more time
to build the group.  

We probably presently don't have the financial
resources to secure this land before it goes on the
open market (maybe a month at most) unless we get
help. Do any of you have knowledge of or contacts with
people who might like to invest in a venture such as
ours, with the promise of a fairly high interest rate?
 We might need $200-300k of investor funds or a line
of credit of that magnitude.

Or, do you have any other suggestions?

Tom Hammer
for Concord Village


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