Cohousing-L Mailing List: Re: Common House Financing

[sga1 (sga1]

Hi Bruce,

Here at Marsh Commons our Common House is removed from the cost of the
housing. It's actually proved problematic, because the cost of buying a
share when you purchase the house isn't included in the Fannie Mae loan.
However, it was simply our local bank--no big deal.

Yours in community,
Sean


> For several reasons we are exploring removing the cost of the common house
> from the purchase price of the homes.  I would like to know if anyone has
> been successful at getting a group of investors in or outside of the
> cohousing of the community to make a loan to the community for the cost of
> the common house. If so, how was the loan structured. There are some old
> (8-10 years) messages in the archives about this issue, but it is not
> clear
> if anyone actually has done this. Any input would be welcome.
>
> Thanks,
>
> Bruce Hecht
> CoHo Cohousing
> Corvallis, OR
>
>
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Sean Armstrong


Project Administrator
31 South G Street
Arcata, CA 95521
707.826.1450
sga1 [at] humboldt.edu