A housing cooperative
(co-op) is a corporate
entity used to transfer homeownership to its shareholders. The corporation owns the physical real estate and
the individual shareholder possesses the right to
occupy a designated unit within the co-op. (The designated unit is usually referred to as "your apartment").
In addition to the right of occupancy, shareholders set the policies of the co-op and control its business. The shareholders accomplish their control of the co-op by electing a Board of Directors from the general membership to represent their interests. The Board of Directors is responsible for the co-op’s business decisions. They oversee and are responsible for the operational and financial well-being of the co-op.
The specific low purchase price for each individual unit is based upon the number of shares designated for that unit. This purchase provides capital to our co-op. Annually, every unit accrues an additional stipend which is added to the shareholder's equity in the unit.
A limited number of units are also offered for rent at market rates.