Cohousing-L Mailing List: Re: Affordable Homes at Nomad Cohousing

[David L. Mandel (dlmandel]

Thanks. 
I also asked offline, but since there is more interest ...
What is the legal mechanism that ensures permanent affordability? We had what 
sounded like a similar mechanism for 11 of our 25 units when we began but were 
disappointed to be told that it could not be permanent. Nineteen years later, 
only a couple of those 11 remain with their original, (then) low- or 
moderate-income owners. The rest have reverted to market rate.
David (Southside Park, Sacramento)

--- On Fri, 1/4/13, Zev Paiss <Zev [at] abrahampaiss.com> wrote:

From: Zev Paiss <Zev [at] abrahampaiss.com>
Subject: [C-L]_ Affordable Homes at Nomad Cohousing
To: cohousing-l [at] cohousing.org
Date: Friday, January 4, 2013, 7:12 PM


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
>From Here to There: A Story of America's Future
Order your copy today!



_________________________________________________________________
Cohousing-L mailing list -- Unsubscribe, archives and other info at: 
http://www.cohousing.org/cohousing-L/