Requirements for Membership

The membership Committee and/or the Board of Directors will consider each application for membership in the Cooperative.  The following guidelines are used to determine the eligibility of each applicant.

 

Annual Income

 

Requirements

Unit

Unit Size

Minimum Required Income

J

1 Bedroom and 1 Bath

$17,000

B

2 Bedrooms and 1 Bath

$20,000

C

2 Bedrooms and 1 ½ Baths

$23,000

K

2 Bedrooms and 1 ½ Baths

$23,000

E

3 Bedrooms and 1 ½ Baths

$25,000

L

3 Bedrooms and 1 ½ Baths

$25,000

 

The minimum annual income requirements are determined by the Board of Directors and reviewed annually, along with the carrying charges, to determine any increase or decrease in the income amounts required.

 

Income Considerations

Employed persons and head of families.

  1. Income will be considered from all sources of assets, such as: wages, salaries, bonuses, commissions, pensions, social security, disability payments, interest, dividends, land contracts, or other assets.  Verification of employment and/or proof of all earnings from assets must be submitted by the applicant.
  2. Credit history and current indebtedness of all applicants will be reviewed.  A credit check will be made to determine the credit worthiness of all applicants.
  3. Income from child support will be considered, but record of payment is required.
  4. Married couples may combine incomes to qualify.

 

Family Size Limitations

A member, when approved, shall occupy the unit as a private dwelling for himself/herself and the immediate family.  Occupants not of the immediate family must be approved on an individual basis by the Board of Directors.  Paying guests and/or boarders are not permitted.

The number of persons of each family per unit is as follows:

“J” Unit                              TWO Persons

“B”, “C”, or “K” Units          FOUR Persons

“E”, or “L” Units                 SIX Persons                  

The applicant must list all persons who will be occupying the unit on the  application.

 

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