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Spirit on Lake • GLBT-welcoming housing for mature, independent adults

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How Does a Limited Equity Cooperative Work?

A non-profit corporation is created, which owns the building.
Purchasing a share in the corporation makes you a member of the corporation and gives you the right to live in a specific cooperative unit.
The sum of all shares is the building down payment; the balance is financed with a blanket 40-year mortgage insured by the U.S. Department of Housing and Urban Development (HUD), as well as public grants and loans.