Cohousing-L Mailing List: Re: Community ownership of a rental property

[Lautner, Patricia (Patricia.Lautner]

We are interested in hearing the answer to this question but for a different 
reason.  We are exploring the idea of having the HOA own a unit so that we may 
rent it to low income families or other family types that are under-represented 
in our community.  Please include my address in your response to John's request 
for information below.

Thanks,
Patti Lautner
JPCohousing - Boston

-----Original Message-----
From: John Carver [mailto:jcarver [at] islandnet.com] 
Sent: Tuesday, May 01, 2012 12:46 AM
To: Cohousing List
Subject: [C-L]_ Community ownership of a rental property


Hello, cohousers,
I'd like to hear from people who are living in a condominium (HOA, strata or 
whatever it's called where you live) where there is a unit owned by the 
community as a rental suite. I'd like to hear how the purchasing and financing 
was arranged, how it is titled, managed, etc.

Here at Pacific Gardens (http://pacificgardens.ca/) in Nanaimo, BC, we have not 
been able to sell all the units since the building was completed in 2009, and 
the development group is still struggling with financial woes. We have managed 
to fill places with renters, but we really need to sell these to pay off the 
debts. One idea is to sell a unit to the strata corporation (apparently called 
a homeowners'  
association in US condos). The strata corp then would take over the finances 
for that unit and manage the rentals.

Any info, thoughts or suggestions welcome.

John Carver
Pacific Gardens Cohousing Community
pacificgardens.ca
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