The Application Process
The Membership Application process is delegated to a Membership Committee which reviews all applications and recommends applicants to the Board for membership. Considering applications is a time consuming process and we have structured it carefully to ensure that we have adequate information at each step of the process. The Membership Committee commits to reviewing all serious applications carefully and takes the process seriously. Various factors such as members time availability for meetings and interviews, and requests for supplemental information make it impossible to set a firm time schedule for the application process, which can take months. You should not terminate your current housing situation until we have approved your application.
The Basic Steps are:
- Applying for membership
- Interviewing with the Membership Committee
- Attending a Coop Training Session
- Getting Final Board Approval
- Completing a Purchase and Sale Agreement
A. Applying -- There are three basic forms that need to be filled out and submitted to begin formal consideration of your application. The forms to apply are can be downloaded from the FAQ and Forms section of the website.
- The Basic Application -- This is the primary application you need to submit to the Cooperative’s Membership Committee. It asks for basic information and your interests in the applying for membership.
- Deposit Verification -- This is a confirmation that you have adequate resources to purchase the share. This form is signed and sent in by your bank or credit union who will verify the amount you have on deposit. We must receive this directly from your bank.
- Employment Verification -- This verifies that you are employed and have sufficient income to pay the monthly carrying charges. We must receive this from your employer.
B. Interviewing -- After we have received these forms and run a credit check the Membership Committee will determine if you meet the eligibility criteria for membership. Eligible candidate will be scheduled for an interview with the Committee. At the interview we’ll ask some questions but you will also have an opportunity to talk to members, ask questions about the building, and determine whether the Cooperative is a good housing option for you and your family.
C. Attend Coop Training Session -- At the training session, we’ll go into greater depth about the legal documents, the By-Laws, Occupancy Agreement, and the Purchase and Sale process.
D. Final Board Approval -- This step will formally approve your application for Cooperative Membership and allow you to negotiate the Purchase and Sale Agreement. After the approval you will be notified after the approval by a Board representative.
E. Purchase and Sale Agreement -- You and the seller of the unit will jointly fill out a Purchase and Sale Questionnaire that will be used by the Coop’s attorney to create the Purchase and Sale Agreement and Closing Documents. The Purchase and Sale Agreement is a contract you sign to purchase the unit where you will submit a non-refundable sum (about $1,000) towards the purchase.
F. The Closing is the formal transfer of the shares where you will pay the remaining down payment, sign the Occupancy Agreement, and officially become a Cooperative Member.
Getting Updates on Unit Availability
We maintain an email list for those who are interested in receiving information when units become available. You may use the contact form here to be added to the list. Also, please check the site periodically as we will update the main page with news.