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In most cases, members can occupy the apartment for as long as they want.Members also have a vote in the affairs of the corporation.
Sometimes, however, the Board of Directors will allow members to make alterations to individual apartments on a case by case basis.
In a leasing cooperative, the cooperative leases the property from an outside investor (often a nonprofit corporation that is set up specifically for this purpose).
The amount of the monthly charge varies from co-op to co-op.
The charges cover the members’ proportionate share of operating and maintenance.
In a limited-equity housing cooperative there are restrictions on what outgoing members can get from sale of their shares.
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These are usually imposed because the co-op's members benefit from below-market interest rate mortgage loans, grants, real estate tax abatement, or other features that make the housing more affordable.
The process for making those decisions will often include a written application, a credit and background check, and usually an in-person interview.
Like any other form of housing, cooperatives may not discriminate based on the protected classes listed in the Fair Housing Act.
A Housing Cooperative is a non-profit corporation that owns property occupied by the owners of that corporation.
It is formed when people join with each other on a democratic basis to own or control the housing in which they live.