Cohousing-L Mailing List: Re: rental policy in these economic times

[Kristin Wells (cbuilderdd]

Since we are a new community and still trying to sell our units initially,
this is not yet a 'problem' we are facing. However, we did just start a
lease-to-own program. There is some serious interest and we just released it
a couple weeks ago. This might be something to consider for your long-term
renters who just can't afford to buy at this point. The lease-to-own helps
them to start gaining a down payment which can be a big help in eventually
buying. It also might help your home-owners who really want to sell, but
can't right now, have people in that really might buy eventually.



On Tue, Feb 1, 2011 at 5:22 PM, Rodney Elin <hen3ry [at] 
easternvillage.org>wrote:

>
> On Tue   1 Feb 11 1 Feb 11 2:1051, Diana Carroll wrote:
> >
> > I've never understood the goal of a policy limiting renters to one or
> > two or however many years.  It seems to me that the goal is a low
> > turnover, so if a renter wanted to stay longer than one or two years,
> > that would be a GOOD thing.  I'd want a rental policy that would
> > maximize community stability therefore renter longevity.
>
>
> It is my understanding that this kind of clause limiting renters is a
> standard drop in to most home owner association bylaws. The larger the
> percentage of non-owner occupied units, the lower a condominium is
> valued, and the lower the property value, so the harder it is to sell a
> unit. I have been told that mortgage companies will not approve a
> mortgage with more than twenty percent of the units non-owner occupied
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-- 
Kristin Wells
Daybreak Cohousing, LLC
503.754.6776
Kristin [at] daybreakcohousing.org
www.daybreakcohousing.org