Will mortgage rules end 70 year housing co-op?
Tuesday, July 27th, 2010
A unique housing co-op in Buck County just celebrated 70 years of experimental community living. Bryn Gweled in Southampton has managed to maintain a community of shared land and shared labor since 1940. From WHYY's Arts and Culture desk, Peter Crimmins reports its newest challenge may be its undoing.
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My partner and I have lived in BG for a number of years and still find the community enchanting. We know and genuinely like our neighbors. The sense of community is what we were looking for when deciding where we wanted to live when grew up.
In so far as finding lending institutions we are thinking outside of the box to find ways of financing real estate transactions – owner financing being one of the options discussed by many of us.
Many of our neighbors are involved in our community activities such as gardening, community outings, children's activities, health and welfare and there are many other options to participate when living here.
The only regret that I have is that my children did not grow up in Bryn Gweled. They missed alot.
Check us out on the web and perhaps with a visit to the community in Southampton, PA.
As someone who has followed co-housing, workers coops, etc. for some time, I wonder if the Bryn Gweled residents have considered creating their own mortgage fund. It could be precisely tailored to the needs of the community, and could be a win/win both as a sound and ethical investment option for community members (and possibly other sympathetic parties) and as a financing method for home buyers. I believe that there are some non-profits who might even consider an initial capitalization of such a fund.
I have lived here for 42 years.
The current problem of potential owners of homes here not being to get mortgages, except at usurious interest rates in the range of 5.7% illistrates the sheer madness of our banking system.
Each real estate loan on BG homes is backed be cosignering by every other BG home owner. I'll leave it to others to estimate the value of just the land, without any improvements such as the houses and Community infrastructure. Consider 200+ acres of what appears to be a nature preserve in Lower Bucks County, PA.
I believe that any speculator worth his salt should be begging to loan money at negative interest (You pay us to take your money)!
This is a very good summary of Bryn Gweled, speaking as a homestead
owner. If possible a glimpse into our community to show why we are so unique would be helpful. It would also show to others that we are no a closed community that welcome all races, creeds to apply for membership. All are welcome to explore the special aspects of living in our community.