Comments

  1. "First senior housing co-ops in 1978" is not correct. Section 213 of the Natl Housing Act authorizes mortgage insurance on blanket loans for co-ops. Developer Ross Cortese built 6-7 Leisure World senior co-ops with Section 213 in the 1950s and 60's in CA, AZ, IL, NJ, and MD, some 30,000 units in all, and more than the upper Midwest has even with the active senior housing co-op development community that exists there. I wish them continued success, but I also wish the 1978 Minnesota birthplace error be corrected, not perpetuated.
    Doug Kleine, former executive director, Natl Assn of Housing Co-ops; former staff FHA Condo and Co-op Branch.

  2. Please use caution with the word "mortgage" as residents in a co-op do not have individual mortgages for their unit. The entity that owns the entire property has a blanket mortgage; residents own a share in what is probably a corporation. Thanks.

  3. Doug

    Thanks for this information regarding the birth of senior co-ops. It said as though you are knowledgeable of this information and it would be helpful to my organizational business plan to explore the development of this housing alternative for seniors. So, if you could kindly contact me via email @ s4lw53@yahoo.com I would greatly appreciate a further conversation regarding your consultation in this matter.

    I await your reply and look forward to hearing from you

    Sincerely
    Dexter Holmes