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Site photos
by Maria Callau 19 Dec '20

19 Dec '20

Maria Callau 021 1847490 Sent from my iPhone

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Mortgage issues
by High Street Cohousing 18 Dec '20

18 Dec '20

Hi all, The Directors have met tonight and discussed the situation regarding banks not being willing to give mortgages to a number of cohousers. We recognise that this is a situation which is causing a lot of anxiety, and we are working hard to find a good solution for everyone. Stephen Edge has said that having a covenant on the title and in the body corp is the most secure way to embed cohousing in the future of our neighbourhood. He is working to ensure that Kiwibank will be able to come up with a solution, and has requested further information from Earthsong who have been able to obtain mortgages from Kiwibank and other sources. The directors will be talking directly with Stephen in the next few days. There are ongoing approaches to other banks as well. Changing the documentation to delete the covenant from the unit titles will take a considerable amount of time and expense, and will require everyone to re-sign our agreements. We would only want to do this as a last resort. It seems likely that settlement won’t be until the end of February and so we have time to work through step by step. We are asking for your patience. Warm regards, Anne, Alex, Catherine & Susan

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Heritage Fence
by Catherine Spencer 18 Dec '20

18 Dec '20

Hi all, I am pleased to announce that the DCC Heritage Fund has granted us a further $15,000 in the latest funding round towards the section of the fence, where the bike shed was, in order to complete the perimeter. This amount is to a little over half of what we requested. The Heritage group will organise a plan for the cumulative work from this funding round and the previous one to be done in the New Year. Zealsteel will complete the reinstatement of the remaining section from the scoping exercise now that the new nib wall has been formed on Alva St. Catherine

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Private Variation Claim 2 - Payment
by High St Cohousing 17 Dec '20

17 Dec '20

Hi all, Thanks to all that needed to pay for their private variation - Claim 2. All money has been received and is in our Toiora Social Account now. Jan and Sara will proceed with the payment of this invoice: *PRIVATE VARIATION Claim No.2* *INV 6793* *TOTAL $19,478.72* Many thanks, Maria -- *Maria Callau* *TOIORA* High Street Cohousing UCOL Member and Project Coordinator 0211847490

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Toiora Cohousing Agreement for review
by Warren Hurley 17 Dec '20

17 Dec '20

Hi Everyone Here's our Cohousing Agreement in its current form plus a page of explanatory notes. We've got more than a month to read & digest this. See you all on Saturday 30 January to take this another step forward. Happy Holidays ! Warren

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bnz
by Roz Wilson 17 Dec '20

17 Dec '20

Subject to our getting a valuation and proving income bnz have approved our mortgage. I asked if anyone else could contact the lady who has helped us and this is her reply plus contact details. And only took a very short time. regds roz If any of the other people are seeking to approach BNZ they could do that by making contact with me or via the contact team on 0800 275 269 Kind regards, Lisa Densie Banker Partnership Banking TEL: 0800 275 269 E: <mailto:Lisa_Densie@bnz.co.nz?Subject=> Lisa_Densie(a)bnz.co.nz

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Urban Cohousing Otepoti Limited....
by Miriam Frances 17 Dec '20

17 Dec '20

Morena Directors, Having read your email I am left confused and not placated. Maria's information exchange with Stephen Edge was verbatim. The imperative of Urban Cohousing Otepoti Limited shareholders is to achieve settlement. I am deeply concerned. Arohanui Miriam

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No Covenant required by our Resource Consent to be Cohousing
by Maria Callau 16 Dec '20

16 Dec '20

Hi all, 1. Lets be clear that WE ALL agree that we are building a cohousing community. 2. We have gone through our Resource Consent requirements (and our planner has confirmed over the phone) that there is NO requirement to have a covenant on the title. It is not written in our RC. The conditions are for our development to be a cohousing and we can choose how to ensure this is possible: it can be outlined on our Toiora agreement and/or our Body Corp. It DOES NOT need to be attached to the title. 3. Our unit title is almost ready to go to LINZ. The surveyors are doing this and they said that there is no need to add covenants or body corp to the documents going to LINZ. This is something that our UCol lawyers have to have ready for February. 4. Our lawyers have indicated that we are able to work on the final documents for February (review, reword, delete, etc.). This is good news as we still have this windows of opportunity to do this to meet our needs and requirements for the banks. 5. Most banks have indicated they will not approve our homeloan applications. Kiwibank has indicated that banks will not take our units as security for our mortgages because of the conditions in our Covenant and Body Corp. Stephen Edge (kiwibank) said that if we remove the Covenant and keep our internal Toiora Cohousing Agreement to ensure our cohousing operates as we want, the banks are likely to take our units as security. 6. From what I understand, our body corp rules can be reviewed every year and we can remove/delete/add things. So we can provide a simple, perhaps one page body corp rules with the minimum required to get started. We can then add 10 pages next year if we feel like. Note that we have 7 or 8 householders that need mortgages, adding to around NZ$2,300,000. We need approval from the banks before we can settle and return the UCOL loan to the bank, close UCOL company and become Toiora Cohousing Body Corp... If we don’t return the loan by March, all shareholders will have to put extra money every month to pay accumulated interest to the bank... My opinion: I believe that our intention of being a cohousing is stronger than a piece of paper. So let’s not loose our focus and let’s keep it simple. I support the idea of removing the Covenant & providing a simple outline for our body corp rules to start with. The Toiora Cohousing agreement will ensure that we are what we want to be. And we can add things to the body corp rules in the future. This will (hopefully) enable us to settle on time. Of course this needs further discussion but hope this helps to visualise a possible scenario... Thanks, Maria Maria Callau 0211847490 SUR Architecture Limited Sent from my iPad

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Email from Kiwibank related to Homeloans
by Maria Callau 16 Dec '20

16 Dec '20

Hi all, FYI This is the email I received from Kiwibank related to the home loans. Please note his comments are shown in CAPS. Also, other 2 previous emails shown below. Maria Callau 0211847490 SUR Architecture Limited Sent from my iPad Begin forwarded message: > Sent from my iPhone > > My comments in reply in CAPS below > > Cheers, Stephen > > -----Original Message----- > From: Maria Callau <maria(a)sur-architecture.com> > Sent: Tuesday, 15 December 2020 4:20 PM > To: Stephen Edge <Stephen.Edge(a)kiwibank.co.nz> > Subject: Re: Kiwibank > > Hi Stephen, > > Thank you for the update. I appreciate your input and time on this. > > I think we can all achieve the 70% loan to value ratio. OK NOTED > Happy to go with 3 units if this is what is on offer. OK NOTED - ARE THERE MORE THAN 3? HOW MANY IN TOTAL? > We'll wait to hear back from you for the business banking options. I'M LOOKING INTO THIS > > I also have a question: What if we are able to remove our covenant all together? FROM A LENDERS PERSPECTIVE THAT WOULD BE GOOD BUT WOULD ALSO NEED AMENDMENTS TO THE BODY CORPORATE RULES. IDEALLY THE GROUP SHAREHOLDER AGREEMENT SHOULD BE VOLUNTARY AND BE COMPLETELY SEPARATE FROM THE LAND DOCUMENTATION > I have been talking with our Planner (for our Resource Consent > Requirements) and with our lawyers and we are exploring this option. > Our Resource Consent does not require us to have a Covenant; it was our choice. > It looks like there are ways that we can be what we want to be without needing to have a covenant on the title... > If we do this, we would remove the 5% capital gain contribution. > > Is this something that would simplify things? SHORT ANSWER YES, IF THERE'S NO COVENANT AND STANDARD BC RULES ARE BEING USED > Would this avoid the need for a policy change? MY VIEW IS YES > > We haven't issued the titles yet so we are still on time. > As we are UCOL shareholders, we can work on this if necessary. > The unit title will go to LINZ in January so we can decide if a covenant is attached to it or not. > > I just need to understand if this path is worth exploring further. YES I THINK YOU SHOULD LOOK AT OPTIONS - IT SEEMS ALL THE BANKS HAVE ISSUES WITH PROVIDING PERSONAL HOUSING LOANS AND TO FUTURE PROOF THE OVERALL PROJECT WITH RE-SALES AND EASE OF FUNDING THERE MUST BE A BETTER WAY? > I will meet with our lawyers in the coming days and would appreciate your feedback. > > Thank you, > Maria > > > > > Kind Regards, > > Maria Callau > 0211847490 > > SUR Architecture Limited > www.sur-architecture.com > ————- Previous emails: Hi Maria, I have bullet pointed below a short summary to update you on individual housing loan progress to date: A policy change will be needed inside Retail Banking before individual housing loans can be progressed – this will require a lot of time (many months) I’m thinking a maximum loan-to-value ratio of 70% would be likely, but could even possibly be lower I’m thinking a maximum number of units within the development would also be likely, I’m picking 3 until there have been some re-sales and market awareness is tested My present fall-back position for people struggling to arrange finance would be to try and organise individual finance via the Business Banking side of the bank. I’m presently exploring options on how to achieve this Do you have any updates for me on how people are getting on? Cheers, Stephen Stephen Edge Senior Manager Property Finance DDI 07 571 3846 | M 027 8395 057 | F 07 571 3845 www.kiwibank.co.nz Kiwibank Limited, Level 1, 41 The Strand, P O Box 13333, Tauranga 3110 This email, including any attachments, is confidential. If you are not the intended recipient, any use, distribution or copying of this email or the information contained in it is prohibited. If you have received this email in error, please notify us immediately and delete it. Please consider the environment before printing this email. ——— Hi Maria, From what I can gather the major issues impacting Retail Banking policy include: The Covenant registered on the title (and Body Corporate rules) requires the bank to take this into when assessing security risk The 5% levy on re-sale is problematic because the bank cannot control/monitor this within our present systems The co-housing market is still new and untested from a re-sales point of view The bank has no present policy for personal lending on individual co-housing properties, i.e. valuation requirements, LVR levels, ability to identify this type of security in our systems From a lending point of view there would ideally be no land covenant and only standard BC rules (i.e. no reference to cohousing). The cohousing agreement would stand as a completely separate document and opting in to the group would be an option only. However I completely understand why the covenant is there, to preserve the integrity and sustainability of the community into the future. The problem we have is “the banks” aren’t geared up for it just yet. I’m waiting to hear back from someone in our credit department but nothing is going to happen quickly here. I will try and give you a call tomorrow. Cheers, Stephen Stephen Edge Senior Manager Property Finance DDI 07 571 3846 | M 027 8395 057 | F 07 571 3845 www.kiwibank.co.nz Kiwibank Limited, Level 1, 41 The Strand, P O Box 13333, Tauranga 3110

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Minutes UCOL meeting December 10 attached
by Donald Shand 16 Dec '20

16 Dec '20

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