Cohousing-L Mailing List: Re: Golden 1 Credit Union mortgages for coho

[Kathryn McCamant (kmccamant]

Dear David, et al, 

Yes, FHA Project approval is a project by project thing. Your community
needs to submit its Management Documents (CC&R¹s, Bylaws, HOA Budgets) and
a number of forms. My community, Nevada City Cohousing (legally names
Broad Street Commons), engaged National Condo Advisers to assist us with
the FHA approval because we felt that would be helpful for both our older
members who wanted to reverse mortgages, and to assist familes buying in
with lower downpayments. The advantage of working with National Condo
Advisers is that they know the system, and can find out what the issues
are when there are issues, and help resolve them. I know of several
cohousing projects that got tossed out because they looked at the
community¹s website and thought meals were served like a assisted living.
Karen was able to get to the analyst and work thru the issues. I¹ve worked
with them on numerous projects and found their assistance very helpful
because they understand these agencies and have contacts in Washington.

Karen Sheppard <karen [at] nationalcondoadvisors.com>
Sr Compliance Analyst
Condo and Co-op Project Approval and Compliance
Fannie Mae PERS | FHA | Non-Warrantable/Portfolio
National Condo Advisors, LLC
888-726-6361 extension 302
www.nationalcondoadvisors.com


Our specific requests to Fannie Mae and FHA is for them to put:

Cohousing communities should be evaluated as any other condominium,
cooperative,
multifamily or single family development would be, depending on the
community¹s
relevant financial and legal structure.
____________

Thus, we tried to cover all legal structures with our effort.


Katie 
Nevada City Cohousing
-- 
Kathryn McCamant, President
CoHousing Solutions
241B Commercial Street
Nevada City, CA 95959
T.530.478.1970  C.916.798.4755
www.cohousing-solutions.com