How We Own Our Homes
Members of the Belmont Chambers are shareholders of the Belmont Chambers Cooperative Corporation. The shares are accompanied by a proprietary lease (also known as an Occupancy Agreement) for a particular unit.
Belmont Chambers is a limited equity cooperative. Limited Equity means that the resale price of the unit is governed by a formula that is designed to insure the long term affordability of the building.
Belmont Chambers Cooperative Corporation holds the deed to the building and the property. Mortgages held by Symphony Area Renaissance Trust (SART) secure the limited equity nature of the building. Should the members of the Cooperative decide to liquidate or violate covenants that were agreed to at the establishment of the Cooperative any windfall proceeds from the sale would revert to the Trust to enable other affordable housing options in the neighborhood.
Because owners do not directly hold real property as do condominium owners they are not eligible for normal mortgage loans. Formerly we had a share loan program which assisted potential buyers but it can’t accept new applicants. While we continue to explore options buyers will need to take a personal loans or otherwise have the available resources to pay the share cost. We recommend applicants consider applying to their credit unions for personal loans to assist with the purchase price.