We have been working on our Millworks Cohousing project for just over two years now. Two years!!! To put it in perspective, Charlie wasn't even a thought when this all started for us. When I say "working," I really mean working. Countless hours of time, so much energy, lots of excitement, plenty of frustration, some disappointment, many unknowns. We have come so far. All the houses are designed, the infrastructure is planned, we have all our members (and a waiting list), we restored the wetlands, and we are ready to build. We all thought we have 8 big ole holes dug into the ground by now.
But, our last stumbling block has proved to be a huge mountain. In order to secure our loan, the project needs to appraise for the what it will cost to make this dream a reality. This is challenging since our project is unique and there aren't any "comps" out there to compare it too. We received the revised appraisal reports yesterday and, once again, they are too low. The devil is certainly in the details...and it's too much to summarize here but basically appraisers don't value things like quality, small footprints, and green building. We are still hopeful. Well, I guess I am hopeful....but this has been a major blow to all of us. There are some things we can do to protest the appraisal and we are working through that now. More work...so much work. Oh, and time...more time.
I have been consumed by this question all day today - how could we come this far for it to fail? I think the worst part of it all would be knowing that we are good people trying to do a good thing in the right way. If we were to build all our houses on the cheap, ignoring any consideration to our planet or our health, the appraisal wouldn't be an issue (or perhaps, not as much of an issue). But, none of us want to do that. I think we would rather walk away. I just hope it doesn't come to that.
Man, what a pain in the a$$!! I hate banks. They used to give money away to people who couldn't pay it back and now they won't give it out to a good project? Too bad there isn't some cool famous person who could take the place of the bank. Or better yet, if I were super rich, I'd give you the money! But really, I'll cross my fingers for you. I hope it works out.
ReplyDeleteYour Mama is hoping that these people will see that this project is the future for sustainable living.
ReplyDeleteThis always seems to be the make-or-break it for cohousing. I was at a lecture years ago at Berkeley's Architecture program and they had a guest in talking about the financing for cohousing and all the obstacles they faced. I wish I could remember the name as he laid out some creative work arounds for the funding. They still went through mainstream banks but how they made their case was smart. Of course this was 10 years ago and building was booming then. Still, cohousing has become more prolific since then. Unfortunately still a battle for those involved. Keep the dream!
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