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

[Kay Wilson Fisk (caseyjackets]

We have a little different arrangement for the purpose of
providing low income housing. Some of our members had set up a
tax-deductible corporation to provide social services a number of
years ago. Due to changing circumstances this organization had
been dormant for a while when we built Meadow Wood in 2006. This
organization was re-activated, and successfully applied for a
$25k grant for a down payment on one unit. The group then bought
the unit, and invited pledges and contributions from residents
and other supporters.

A low income family in need but with good prospects for success
is selected to live in this unit for a year. They pay a portion
of their income in rent based on a sliding scale, and
contributions cover the rest of the mortgage payment. It appears
to be working very well. In the case of the last family to live
there, the head of household was able to complete a job training
program, and is now renting a different unit in the community
with a family member.

Kay Wilson
Meadow Wood cohousing
www.mwcondo.com

-----Original Message-----
From: Lautner, Patricia [mailto:Patricia.Lautner [at] umassmed.edu] 
Sent: Tuesday, May 01, 2012 4:42 AM
To: 'Cohousing-L'
Subject: Re: [C-L]_ Community ownership of a rental property


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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