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January 28, 2005
update
Hi friends-
I met with Sue Reynolds, the executive director of Community Housing Works, this last Tuesday. We had a nice meeting and talked about the possibility of partnering on a housing cooperative project. Let me give you some information from that meeting.
First the good news. The government offers special deferred loans especially for limited-equity cooperatives. In the three limited-eqity housing cooperative projects CH Works has done, this loan made it possible so people could buy there units for under $3,000. Because of the complicated process in becoming approved for these "blanket loans," (ie feasibility reports, environmental reports, contracting out the legal work, etc) it would be necessary for us to partner with a project coordinator such as Community Housing Works. Unfortunately, CH Works no longer works in establishing cooperatives. They want to do work right now mostly in establishing affordable rental complexes consisting of at least 80 units. That said, Ms Reynolds was very encouraging in the idea of us establishing a cooperative and said that the ideal size is 25-40 families, a target range I think doable within our multi-congregation. She gave me the names and numbers of a few other community development non-profits in the San Diego area who might be interested in partnering with us in the project so I'll try to contact them today.
Ms Reynolds suggested that are objectives at this point are twofold. First, we should be in initial contact with some of these groups and see if this sort of project interests them. Second, we must continue to educate and build up a core group of people who are seriously interested in trying to establish the cooperative. For us, I think that means bringing in someone who could talk with us and others from the multi-congregation about their work with cooperatives. I forgot to ask Sue for some of the names of people who helped plan, execute, and now live in the cooperatives in town that they started but I called her today and will probably hear from her Monday. If we could get one of these persons to come who is also familiar with the financing aspect of things, I think it would be a good meeting.
Well, let me know if you have any suggestions/questions on how the process is going so far.
Peace,
Aaron
Posted by aaronfriberg at January 28, 2005 11:06 AM