Financing Cohousing

The CD of Katie McCamant’s December webinar on financing cohousing has been produced and is ready to order.

The presentation is just over an hour and a half long. It is a movie of the full webinar with the complete Powerpoint presentation and the full audio recording of the talk given by Katie on December 3, 2007.

There was little doubt in anyone’s mind that Mike Volpe, the president of CoHo Ecovillage, was meant to have a home there, in the cohousing community now being built in Corvallis, Oregon. Mike wasn’t nearly as optimistic. Owning a home would mean giving up his Medicaid benefits, and that simply wasn’t an option. Mike has had primary progressive Multiple Sclerosis since he was 23. This particular form of MS is relentless in its pursuit, and it pursued Mike’s health with a vengeance, gradually taking away his ability to walk, to move his hands, and to see clearly.

A glance at a detailed map of U.S. cohousing communities would show that most of us are living in areas of relatively high property values: on the coasts, in college towns or on the outskirts of high-tech growth centers. That’s one reason why making cohousing affordable to the widest possible number of people has been of intense interest to prospective community members throughout the history of the cohousing movement.

Cohousing can serve a variety of purposes and take different forms. But one exciting approach is a hybrid of cohousing and the ecovillage – what I call an eco-community. Here your monthly mortgage payment does double-duty. Not only do you create a new cohousing community, you also help the environment immediately around you. You might get a spectacular park or forest for your backyard, to boot. It can be a win-win situation for everyone.

Cohousing has matured in many respects since it immigrated to the U.S., but none so much as the development structures or the financial savvy of cohousers themselves. Since future residents expect to be involved in the design of the future neighborhood, the instruments for conventionally financed development don’t always work in the same way. Consequently, in the process of learning about real estate development and financing, cohousers are reinventing them.