2023 Spring Issue - 88

inclusion and respect, connection, and ecological
sustainability.
Going into construction, eight families put down
nonrefundable 20 percent deposits, which served
as an important source of equity for the project
and enhanced its financial viability. The debt financing
was provided by a standard commercial loan,
Powers says.
Nine of the 28 homes in the cohousing developNeighbors
catch up at
Viernes Social, a weekly
summer gathering
at Takoma Village in
Washington, D.C.
ment are permanently affordable, reserved for families
making 80 percent of the area median income.
This housing was built by transferring affordable
housing requirements from a nearby development,
for which Aria received $950,000. This funding was
used to reduce the price of the affordable units by
$100,000 each.
The total development cost for Aria Cohousing was
$7.6 million in 2017; the developer fee was 5 percent
of that, or $380,000. Construction costs totaled $5.1
million. Including the affordable units, the sales price
was an average of $302 per square foot ($3,250 per
sq m). The average per-unit sales price was $307,800.
Getting It Built
Across the United States, numerous founding groups
are at various stages of work to get cohousing projects
off the ground. One expert pegged the number
of cohousing projects that are in the works at 120.
Often, founding groups seek out architects and developers
to help them find a site and navigate complex
entitlements and financing requirements.
In other cases, such as at Aria, a developer has
a site that they would like to use for cohousing and
then they look for a founding group to work with.
In both cases, cohousing requires developers to
be in co-creation mode. " It's not for everyone, " says
Powers, who notes that smaller developers are especially
suited for doing cohousing.
88
URBAN LAND SPRING 2023
ALICIA J. GEORGE

2023 Spring Issue

Table of Contents for the Digital Edition of 2023 Spring Issue

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2023 Spring Issue - Cover3
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https://www.nxtbook.com/urbanlandinstitute/UrbanLand/2024-spring-issue-of-urban-land
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/2024-winter-issue-of-urban-land
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https://www.nxtbook.com/urbanlandinstitute/UrbanLand/2023-spring-issue
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/2022-winter-issue
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/2022FallIssue
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/2022-summer-issue
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/2022-spring-issue
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/ulm-winter-2022
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/summer-issue-2021
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/uli-spring-2021-issue
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/ULIWinter2021
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/URBANLANDFALL2020
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https://www.nxtbook.com/urbanlandinstitute/UrbanLand/URBANLANDSPRING2020
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