Criteria for Cooperative Member Ownership
The criteria to be an eligible applicant for membership are:
- You must have an excellent credit/payment history. Failure to pay coop-related fees may have an impact on the financial well-being of the other members.
- Your total household income must be less than 110% of the median income for a family in Suffolk County. In 2017 this amount was $113,750.
- You must live in the unit as your primary residence. (No roommates/subletting/AirBNB are allowed.)
- You must share in the responsibilities of ownership.
- You must have an adequate income to cover the monthly charges. Currently we calculate the minimum income is $38,370.
- You should be willing to make a 3-5 year commitment to the Cooperative.
- There is no subletting or “roommates”. You must list everyone in your household in your application.
- Since the cooperative was formed to provide long term housing for those whose housing needs are not met by the current market, owning a condo or other property is a disqualification.
- No dogs are allowed. Cats are permitted with the Board’s approval.