Cohousing-L Mailing List: Re: Setting up new membership fees for Friends and neighbors in Lakeland

[Fred-List manager (fholson]

Debbie Fox <xof5 [at] aol.com>
is the author of the message below.  It was posted by
Fred, the Cohousing-L list manager <fholson [at] cohousing.org>
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Lynn Markell:
I would like to know more about the grants that you obtained to pay
for attorney fees, etc.

Debbie Fox Ralston Creek Cohousing Arvada, CO


Lynne Markell <lmarkell [at] rogers.com> wrote:

Sounds like you are in the startup phase. Have you set up a formal
organization for this  phase? We started a non profit organization
and charged a $200 membership fee for full members and $50 for an
associate. Full members had a vote. Associates could switch up, when
they were ready.

Then we created an equity membership with terms and conditions such as
being willing to share the deposit for a bid on land and the down
payment for the mortgage. This cost of $1500 ( per household) was used
along with the original membership fees for expenses. This money was
at risk, but will be credited to the final purchase,price, if the
project goes ahead.

We got two small grants to help us with some feasibility work to pay
for lawyers, consultants, etc.  Generally you should count on costs
of between $30 - 50k., until you get into land and architect costs.

Benefits are an investment in a future home, larger sums being used
against final unit purchase price, first in line for unit selection,
and the right to make decisions and policies. People who join near the
end may not have the same opportunities to shape the community. Hope
this helps.

Lynne Markell,
Lmarkell [at] rogers.com
(613) 842-5222