Process
I. Reservation — By making a $200 refundable deposit, you are assigned a reservation number. This determines the order we follow for specific unit selection.
II. Subscription — This is the equivalent of a purchase agreement. It involves unit selection, a review of the costs associated with membership (your share price and monthly fee) and eligibility determination (income/assets, if applicable). There will be an additional $800 deposit required at this time.
III. Share Collection — We are required by HUD to collect shares prior to construction. Your share price is the cooperative equivalent of a “down payment” in a traditional real estate transaction. Bridge financing for those needing equity out of their home will be available.
Timeline
The site has been procured, and funding and necessary approvals are in place. As soon as the required number of reservations are received, we can submit the final HUD application. About three months later, we'll begin construction (anticipated to be a 12-month process).