Cohousing-L Mailing List: Mini-Cohousing

[Diana Leafe Christian (diana]

> That's really interesting. So if you already have a house, you would
> form a homeowners association with the required documents and you'd
> have to transfer title to and obtain financing as the HOA?
        Rachel Lederman <rlederman [at] 2momslaw.com>

Yes, however I'm not sure the group could get financing from a bank as  
a multi-household HOA in a large single-family dwelling. I believe it  
might fly with the bank if one person was the designated lender. This  
would work for a bank, I think. For such an arrangement to work for a  
group, I'd recommend they have  promissory notes and/or other  
contracts between the designated lender and the others, so they could  
share the loan payments, but privately, among themselves.
        Diana

Diana Leafe Christian
diana [at] ic.org