To be a Owner/Member
Each member of Williamsburg Cooperative owns one share and has one vote in the corporation. The cooperative corporation holds title to the property and is responsible for the upkeep and maintenance of the property, as well as real estate taxes and the utilities for the exterior security lighting. A Board of Directors is elected by and from the members. The directors set policy, establish rules and determine how money is spent.
You are not paying a profit to a landlord. Instead your family pays only its share of the actual costs of owning, operating and maintaining the Cooperative property. This amount is determined by a realistic budget on a not-for-profit basis. As you know, if your family rents a house or an apartment, there are no tax advantages. Under a Cooperative, your share of the annual real estate taxes can be deducted from your taxable income.
How to Apply…
So this is basically what a housing Cooperative is. If you feel that it fits your housing needs, please fill out the application for membership. Fill out the forms part I & II completely and submit it to the office with a money order for $75.00 processing.
Please view this quick Orientation
To qualify for membership you must meet the income and credit standards established by the Board of Directors. Upon approval for membership, you may then purchase a share from a current member. All transactions are completed through the co-op office. As a member of the corporation, you and your family have the right to occupy a specific dwelling. You will receive both a Membership Certificate and an Occupancy Agreement. The corporation is governed by a set of By-laws and House and Grounds Rules