Member Buy-in and Monthly Fees
A share belongs to a member until the member or his/her estate offers to sell. The value at the time of the sale is based on the original cost, plus 1% of the value of the unit (established at the initial endorsement of the project mortgage) for each year of occupancy. The 1% limited-equity formula is under direct control of the Cooperative. The Share
Cost is increased by the 1% limited equity every September 19th.
Effective October 1, 2017 all new membership purchases will be assessed a Capital Fee of 15% of the stated Share Cost in the above table. The Capital Fee is due at the time of payment of the membership share by the buyer of the Membership. Transfer of the Membership is effective upon complete payment of the membership Share Cost PLUS the 15% Capital Fee. Effective June 18, 2019, members moving in-house to a larger unit, are subject to pay the difference between their first 15% Capital Fee paid, and the new Capital Fee required for the larger unit. Members moving in-house to a smaller unit do not get the difference refunded to them. (This does not apply to members who purchased a membership before June 18th, 2019)
"We were ready for a change after 28 years. We liked the idea of making friends with people that we would have more in common with, and we like that we’re close to our daughter and two grandchildren in Detroit with enough space for them to visit.”
BILL & CYNDY