Cohousing-L Mailing List: Re: Sank like a stone

[Peg Blum (pegblum01]

Here at Cambridge Cohousing (MA) we were fortunate to
come up with about 9 members who provided the
additional money needed to purchase our land.  The
individuals were paid simple interest on the loan and
loan money was returned at the completion of
construction.  The reason some of us had extra cash to
spare was because we had sold our homes early.  

I know another community that had investors from
within the community as well as outside, e.g. other
cohousers, all receiving interest on their loans. 
Maybe that's a type of venture capital???

Peg Blum
Cambridge Cohousing (MA)
pegb [at] cambridgecohousing.org
http://www.cambridgecohousing.org


--- Catya Belfer-Shevett <catya [at] homeport.org> wrote:

> > Tom Hammer <thammer302 [at] yahoo.com> wrote:
> >   Apologies if this has been discussed
> before...are
> > there recognized sources for venture capital that
> will
> > support fledgling cohousing communities in their
> most
> > vulnerable stages, such as ours, when we may be
> close
> > to a point where we have found a site but without
> the
> > financial resources to tie up the land?
> 
> Hi Tom,
> 
> There are not a lot of recognized sources, which is
> part of why many 
> cohousing groups work with a developer.  Where are
> you located?
> 
> Much of the time you can negotiate the closing costs
> on land so that it 
> ends up coming out of the construction loan.  We
> didn't have that option, 
> and so we did a bank loan for buying our land.  We
> are working with CFNE 
> for additional funding right now, hoping for
> approval next week :)
> 
>       - catya
> 
> Catya Belfer-Shevett     'This is not the .sig
> you're looking for.'
> catya [at] pobox.com           'You can go about your
> business.'
>                                            'Move
> Along.'
> 
>
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