FAQ - Perguntas Frequentes
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Our relationship to the Bay Area Community Land Trust (BACLT)
We have been consulting with the Bay Area Community Land Trust since our inception. We share the land trust’s goal of providing permanently affordable and resident-controlled cooperative housing to benefit low and middle income seniors from diverse backgrounds, now and forever. We became the first elder cooperative project of the Bay Area Community Land Trust in 2016. We draw technical, financial, and managerial support from the Bay Area Community Land Trust. The Bay Area Community Land Trust will own the land where our residences are located and will have a 99-year ground lease with Hibiscus Commons that restricts increases in the monthly assessments of residents and addresses financial management requirements of the cooperative.
Who will own the Hibiscus Commons property?
What is the plan to draw in financial support?
Will I get my money back if I leave before we have a property?
During this planning stage of the project, aspiring members pay dues of $5 per month and full members pay dues of $10 per month to cover general expenses. These dues are not refundable if you leave Hibiscus Commons before we have a property. Any major expenses during the planning stages of the project will be approved by consensus. When approving the expense, the group will decide if it is reimbursable upon a member leaving the group. Because this decision is made by consensus, you will not be required to make any expenditures you do not approve of.
How much do I need to invest to become a resident member?
What if I become a resident member and later want to move?
This will depend on the type of ownership structure Hibiscus Commons selects. For example, if Hibiscus Commons chooses a to be a Limited Equity Housing Cooperative (LEHC), any departing member would be returned the full value of their original share investment (equity), plus interest when they move out. If Hibiscus Commons chooses to be a Resident Owned Nonprofit or Resident Managed Nonprofit, leaving Hibiscus Commons would be very similar to moving out of a rental unit, and the security deposit would be returned.
How will Hibiscus Commons remain permanently affordable?
Annual increases in monthly assessments (similar to rent) will be limited by the ground lease with the Bay Area Community Land Trust which will insure that housing costs remain affordable as members age and will also become even more affordable over time for future residents compared to market rents. We intend to provide many of the benefits of assisted living through mutual support and exchange of services, avoiding the financial burden of typical assisted living facilities.