Cohousing-L Mailing List: Re: Cohousing-L Digest, Vol 229, Issue 3

[Janet Murphy (janetmusicrn]

Hi Sally,
Arboretum Cohousing opened 14 years ago with six affordable units. Because
of the resale rules of our two Habitat units, we now have four affordable
units which continue to be supported by a city program.
The four affordable units have a significantly reduced purchase price, and
we also negotiated with the city to have them taxed on that lower price
rather than the fair market value. Because of this, the units are a
tremendous value at purchase and over time. I believe all of our members in
affordable units have improved their economic well being by living here.
Our original condo fees were based on square footage, so our members in
affordable units pay the same as everyone else. We have always fully funded
our reserve so we don't see huge swings in fees or have special
assessments. This predictability is a boon to all of us who don't have a
lot of financial wiggle room.
I think it is respectful that we don't distinguish between owners of
affordable and market-rate units. I would guess most of our members know we
have some affordable units, but they don't know who lives in them. Everyone
is an equal contributor to the community.
No one wants to be in a housing situation they can't afford over time.
Having realistic fees at the time of purchase is important. Happily, living
with the community and sharing benefits of cohousing is very economical too.
Janet Murphy
Arboretum Cohousing
Madison WI

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>
> Hello all, this is my first time posting to the listserv so feel free to
> provide guidance on how best to proceed...
> We at Aria Cohousing in Denver are interested in hearing from other
> communities with affordable units and what ideas/approaches have been used
> to retain low income members,? How are communities dealing with HOA fee
> increases and/or special assessments?? Do you have hardship funds?? A
> sliding scale?? Are there other ways you are helping members with financial
> limitations?? ?
> Aria has 9 affordable units (8 standard, 1 Habitat for Humanity) of our 28
> total.? There have been major hail storms in Colorado that have caused
> significant increases to insurance premiums and deductibles, and we are
> also working to increase our reserves given recommendations from a recent
> Reserve Study .??
> I have copied the other members of the Aria group researching options.?
> Thanks for your input.
> Sally Hardy
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