Money for Co-Ops
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Regarding the Speaking Out “Southland Hot Spot: Converting Co-Ops to Condos” (by F. Scott Jackson and Steven Solomon, July 22):
There is plenty of money available for stock co-ops if you know where to look for it. The National Cooperative Bank loans exclusively to co-ops. And the share loan market is heating up with several other lenders starting to compete for the business.
Co-ops are increasingly a lifestyle choice as well as a legal and financial option. People are seeking a sense of community and co-ops will always be more effective in helping people achieve that. To say that “co-ops are on their way to extinction” does a real disservice to cooperatively oriented people among your readers. Co-ops will always be less expensive than condos for the first-time home buyer and others who choose co-ops for their long-term housing.
LOIS ARKIN
Los Angeles
Arkin is director of Cooperative Resources & Services Project .
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