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March 15, 2005
Speakers Coming
Hi friends-
Well, we're likely to have some more info meetings fairly soon. Jamie Gates is talking to some real estate friends this week who have experience in purchasing property under limited liability strictures. This would be the for-profit route. The advantages would be that it would be something we could likely do very soon (not having to jump through a lot of hoops like applying for different non-profit grants and loan arrangements that an affordable housing/non-profit arrangement would require). Scott has done some good work in looking at 8-10 unit apartment complexes around the area so we would likely move some families in these areas. We would probably be looking at around $120,000 for two room complexes. That comes out much more affordable than buying individually. Presumably, once we collectively build up some equity we could then more easily create something like a limited equity cooperative or some other model that would create non-profit housing.
I have also tentatively scheduled Lottie Cohen to come speak with us on April the 9th. She is the laywer who has lots of experience in LA working with both for profit and limited equity cooperatives in southern California. She comes highly recommended from the National Cooperative Housing Association as well and the National Cooperative Bank. After talking with her we will hopefully have a better idea of the feasibility of a non-profit project. I have forwarded you all with an article from the Los Angeles Business Journal that discusses some of her work in LA.
So, within the next month and 1/2 we should have some folks coming to speak with us. After that we should be in a better position to determine what we can and want to invest our time in. Thanks all for your support and concern.
Aaron
Posted by aaronfriberg at March 15, 2005 01:28 PM