A HOUSING COOPERATIVE IS A LEGAL ENTITY WHERE RESIDENTS JOINTLY OWN AND DEMOCRATICALLY MANAGE A RESIDENTIAL PROPERTY. EACH HOUSEHOLD HAS THEIR OWN COMPLETE UNIT WITH PRIVATE KITCHENS AND BATHROOMS LIKE A CONDO OR APARTMENT. A LIMITED EQUITY HOUSING COOPERATIVE MEANS THAT PART OF THE EQUITY IS OWNED BY. INDIVIDUAL RESIDENTS AND THE REMAINDER IS OWNED BY THE COOPERATIVE AS A WHOLE. THIS ENSURES THAT THE HOMES REMAIN PERMANENTLY AFFORDABLE TO FUTURE RESIDENTS.

• LONG-TERM HOUSING SECURITY AND STABILITY

• DEMOCRATIC DECISION MAKING BY THE RESIDENT-OWNERS ABOUT MONTHLY HOUSING COST, BUILDING INVESTMENTS, AND POLICIES

• SIMILAR TAX BENEFITS AS OWNERSHIP

• ABILITY TO GROW COMMUNITY AND MUTUAL SUPPORT

• SOCIAL AND RECREATIONAL AMENITIES

• AFFORDABILITY FOR FUTURE RESIDENTS

• CAN PASS ON STABLE COSTS TO FAMILY MEMBERS ACROSS GENERATIONS

YES, EACH RESIDENT HOUSEHOLD HAS THEIR OWN UNIT.

WHEN YOU BUY INTO A COOPERATIVE, YOU ARE A PARTIAL OWNER OF THE HOUSING DEVELOPMENT. YOU GET TO PARTICIPATE DEMOCRATICALLY IN THE MANAGEMENT OF YOUR HOUSING, YOU HAVE LONG-TERM STABILITY, AND YOUR MONTHLY EXPENSES ONLY PAY FOR THE ACTUAL EXPENSES OF THE BUILDING—THERE IS NO OUTSIDE LANDLORD EARNING A PROFIT.

COOPERATIVE HOMEOWNERSHIP CAN BE A MORE AFFORDABLE AND ACCESSIBLE WAY TO OWN YOUR HOME, ESPECIALLY GIVEN THE HIGH COST OF HOMEOWNERSHIP IN DAVIDSON COUNTY. SOME CO-OP RESIDENTS CHOOSE TO LIVE IN A CO-OP TO PUT MONEY INTO OTHER INVESTMENTS, TO LIVE IN A PLACE WHERE THEY CAN KNOW THEIR NEIGHBORS, AND TO SUPPORT A MORE JUST ECONOMIC SYSTEM. CO-OP OWNERSHIP REQUIRES MUCH LESS MONEY UP-FRONT THAN A TRADITIONAL DOWNPAYMENT AND HOUSEHOLDS WHO WOULDN’T QUALIFY FOR A MORTGAGE CAN STILL BECOME OWNERS.

THE WHOLE MEMBERSHIP WILL MEET AT LEAST ONCE A YEAR TO MAKE MAJOR DECISIONS AND TO ELECT BOARD MEMBERS TO REPRESENT THEM. THE BOARD MEETS REGULARLY TO MAKE DECISIONS AND OVERSEE THE MANAGEMENT OF THE CO-OP.

MONTHLY CHARGES WILL ADJUST EACH YEAR ACCORDING TO THE CO-OP'S OPERATING NEEDS, INCLUDING DEBT SERVICE, TAXES, AND INFLATION. THE CO-OP OWNERS AND THE BOARD MAKE DECISIONS TOGETHER ABOUT ANY INCREASES TO MONTHLY PAYMENTS BASED ON THE ACTUAL EXPENSES OF THE CO-OP.