How will the project and our homes be financed?

Since the beginning of 2015 we have been in the development and design phase of the project, and this phase of the project is being financed directly by members. The risks and merits of joining TMC are detailed in the Offering Memorandum given to persons who express interest in becoming members.

TMC Members make periodic Required Capital Contributions (RCCs), buying equity in the project. RCCs pay for early development costs including down payment on the property, design and engineering work, permitting and legal fees, initial infrastructure cost and general operating costs.

TMC has contracted with First Federal Bank for a construction loan. When the project is completed, Members obtain mortgages or use other funds to purchase their home from TMC. RCC’s will be credited to the down payment when the Members obtain mortgages.