Bham housing co-ops? (foreclosed, renter, loans)

[macados]

I'm moving to Bham in January for grad school. Does anybody know of any housing co-ops for a young family? I'm just looking for some affordable rent, since we will mostly be living off of loans. My searches on the internet have come up empty. Thanks!

[Threestep]

I have never heard this term. Can you explain what you mean by housing co-op? Thank you.

[macados]

I don't understand all of the inner workings, but a renter would make a down payment (maybe around $10,000) that would be returned upon leaving the co-op. In return, rent is cheaper for the type of home you can get. There are all sorts of different types. I still don't know much to be honest.

[Threestep]

You will not find arrangements like this here. What is your anticipated stay, how many people, what particular needs and what budget range do you have?

You are aware of the fact of very limited public transportation?

[Back Again]

Originally Posted by macados

I don't understand all of the inner workings, but a renter would make a down payment (maybe around $10,000) that would be returned upon leaving the co-op. In return, rent is cheaper for the type of home you can get. There are all sorts of different types. I still don't know much to be honest.

In this market? Are you crazy? What if the homeowner files for bankruptcy or the home gets foreclosed on, what happens to the $10,000?

Don't think it can't happen. There are a lot of renters being put out on the streets as the homeowners are being forclosed on.