Membership - Ownership

Back Porch

Any family may apply for membership at the cooperative office. Applicants must meet income and credit requirements and be approved by the Illinois Housing Development Authority. (Application has already been made to IHDA for a commitment for mortgage insurance. In order to insure the mortgage, the IHDA must also approve the organization, inspect the construction and regulate the operation of the cooperative.) Cooperatives are open to all qualified applicants. As a member of the cooperative you receive an Occupancy Agreement, Corp. By- Laws, and Rules and Regulations booklets.

You pay a $35.00 non-refundable application-processing fee for a credit check. Moving in, you will pay your initial housing charges on a prorated basis and the membership fee.

The Cooperative Corporation owns these townhouses. Each family who resides in one of the townhouses owns a share (membership) in the Cooperative. Therefore, each member-family is an owner of a portion of the whole development. There are no other persons who have an ownership interest in the development besides the people who live here.

The Cooperative is run on a non-profit basis. If there were any profits at the end of any year, they are put into the next year's budget to keep the caring charges down. Caring charges are keeping low because no absentee landlord is there to make a profit on you.

Front of Townhouse
Club house

Members have an equal vote in your corporation, which holds title to the property. You elect a Board of Directors. The Board sets standards of excellence to assure that the community remains a pleasant place in which to live.

A homeowner can be responsible for a 20 to 30 year mortgage. In a co-op the member has NO personal liability for the mortgage, as it is in the name of the corporation. And a member's three-year obligation under the Occupancy Agreement may be terminated at any time by selling the membership to an acceptable incoming member once the new member has taken occupancy. A co-op member may also stay indefinitely in his co-op home or be released at three-year intervals with a four-month written notice to the corporation and have no responsibility for finding a buyer for his membership.