To purchase a share/unit, buyers must be approved as Members of the Cooperative. The process begins with an interested buyer submitting the following items:
Purchase Offer on sales contract form
Preliminary Financing Approval for the proposed purchase
Application for Membership showing
Annual Income not to exceed 95% of area median adjusted for family size
Payment of a non-refundable $100 membership fee due at approval
Authorizations for Credit Reports and Criminal History report
Cooperative requirements and benefits
The Cooperative may reject any applicant who has
insufficient income to pay the estimated monthly obligations
poor credit defined as less than a median score of 640 or a debt to income ratio over 45%
a history of criminal behavior involving convictions or pending charges for crimes involving violence against people or property, illegal possession of weapons, illegal substance use or sale, sexual offenses, theft or fraud.
A new Member seeking a Co-op loan must have (a median credit score of 640 minimum) and a Criminal History that meets the standard for approval.
Cooperative Board must approve the proposed purchase agreement, membership and requests for a deferred payment Co-op Share Loan.
All new Members must pay a monthly operating assessment based on an allocated share of the annual operating expenses of the Cooperative (similar to a “condo fee”). The operating assessment includes real estate taxes paid by the Cooperative as well as the costs of various services such as trash removal, water and sewer, common area cleaning and maintenance, grounds care, insurance, management, and reserve for replacement. Members receive the benefit of annual allocation statements for a portion of the real estate taxes and mortgage interest paid by the Cooperative.
Members must adhere to the terms of their Occupancy Agreement and the House Rules adopted by the Board of Directors to ensure that all Members have their rights respected in the quiet enjoyment of the property. Unlike a condominium, serious or repeated violation of these standards may result in membership termination and loss of rights to unit possession.