Cohousing-L Mailing List: Re: FHA Approval

[Kay Wilson Fisk (kwilsonfisk]

>>> In the meantime, I would still recommend keeping "cohousing"
out of your formal legal name it you want access the competitive
mortgage rates.

Agreed. In our case, we were only able to find one bank in our
county willing to give us a construction loan, and that was only
because, while they were very nervous about the "cohousing"
label, they "worshipped" our construction contractor, who had
developed the highly successful Poulsbo Place.

Unless you have truckloads of cash, FHA loans won't do you any
good without a construction loan!

Our Declaration uses the word cohousing five times:

--1.1          Declarant means Bartimaeus Cohousing Community
LLC, a Washington limited liability company, and its
representatives, successors, and assigns.

--10.3.5       Resident Owner Restriction. In order to protect
the cohousing organizational structure of the community, which is
dependent upon voluntary participation in community life, only
units owned by resident Owner Members may become rental units. No
rental units may be owned by absentee landlords except as
permitted under 10.3.3 Grandfather Clause: Pre-existing Rental
Exception or 10.3.4 Exception. (2012 amendment)

--10.11.2       Required Orientation. In order that prospective
purchasers of Units understand the nature of cohousing operation
of the Condominium before purchasing a Unit, the Board may
require that any prospective purchaser, before executing a
binding purchase agreement for a Unit, meet with the Board or its
designee, tour the property and receive such information
concerning the operation of the Condominium as the Board
determines is appropriate, in addition to receiving the
information required by the Condominium Act.

--13.1.          Form of Association.       (2) The Bylaws may
provide for associate members, such as supporters of the
Condominium or cohousing.

--13.3.2                 Participation        (c)  Additional
opportunities for Owner and Renter Members to participate exist
through service on the Board or by attendance at Board meetings
as an observing guest or as an invited presenter. Such
participation is sought in the spirit of reaching the aims of
consensus decision-making in a cohousing community. (2012
amendment)

Kay Wilson
Meadow Wood Condominium
AKA Meadow Wood Cohousing