Unless the floodplain study for this area is new this is not something that has just happened recently.

But if you have a solid plan, most likely a feasibility study, you ought to succeed in finding the funds.  

It takes leg work, studying, time, (and maybe a handful of lessons learned) before you will have the POTENTIAL for success.Cheers,Chris

I've studied doing this to do on my own more than anything though, not just JV. 

I started studying for my CA Real Estate Salesperson license as I initially thought that was all I needed.

As to any insight to offer for what it sounds like you'd be interested in doing, I do have one case study that might be of interest to you.

Study the market, get a local group together, and begin small.

If you're not getting to that, then it's more of a LIRP (life insurance retirement plan), which has long term goals.There are a lot of companies that do well with "getting the money in" then screw up the end game with the loan provisions.If you want, I have a case study for using a policy for private lending to other people. 

It obviously is not a homerun.Also, if you do move forward with it, make sure the HOA has the milestone study done. 

Make clear plans, use no-cost tools, study areas, spot deals, and move forward.