Cohousing-L Mailing List: Affordable Homes at Nomad Cohousing

[Zev Paiss (Zev]

Sharon asked about our affordable homes at Nomad Cohousing

Anyone who wants to purchase one of our permanently affordable homes must go to 
the city and get approved. We use the standard AMI (Area Median Income)  
formula for our area and they must be at or below the 80% mark for the 
low-income homes and between the 80 and 120% for the moderate income homes.

Is there does not seem to be lots of paperwork or delay involved? Does it 
affect bank financing? Yes it can because their is limited appreciation on 
these homes. However I am pretty sure that if the home goes into foreclosure 
the Banks are allowed to resell them at Market rates.

It is very simple for prospective buyers to figure out if they are eligible?

Their condo fees are calculated the same as everyone else. What we do is to 
tack on a $20 per month feee for the 4 market rate homes.

Hope this helps.

Zev
303.413.8066
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