No to this flimsy, sketchy, ill-prepared and financially dangerous to co-op members Limited Equity Housing Cooperative (LEHC) proposed by Village Farms
My first major point is that the path of an LEHC(laid out below) takes many steps and requires much over $2 million dollars of an entity’s money prior to even starting construction, The path to a LEHC if travelled, will take about five years from inception to occupancy. The member’s own investment of $50,000 each ($3.5 million overall) is likely at risk during the latter two years of construction. Dos Pinos took close to 3 years of active one on one marketing to get to 85% occupancy. At Dos Pinos, no one lives on top of anyone else. At 15 townhome units per acre it is an attractive community. Each owner member has a separate front door on the ground floor with a front and back patio. A four floor apartment building with no patios at 30 units per acre is not an attractive home ownership model.
Much as I love LEHC’s, the Village Farms LEHC proposal is impossible to develop under present circumstances. To be fair to the City and to the citizens this proposal should be removed immediately or else it will be a huge waste of the City’s time and the citizen’s resources or it will be a major housing proposal seen as an ill-prepared developer’s red herring that should have been eliminated. Village Farms does a disservice to the City by presenting a thin dream without details to back up the Co-op.
The City should immediately reject the Village Farm LEHC as being infeasible.
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