Cohousing-L Mailing List: Re: what are take out loans?

[Jessie Kome (jehako]

Hi-

Your take-out loan, or more accurately take out financing for the  
project, is the collective individual home mortgages + equity  
(downpayments) + any government subsidy (such as a soft-second  
mortgage note from HOME or CDBG funds in the US).   It is the  
permanent financing that takes out the construction financing.

-Jessie Handforth Kome
Eastern Village Cohousing
Silver Spring, Maryland
"Where we no longer budget thousands for shoveling snow because we  
shovel it ourselves for free. And we got some practice this week"