Eligibility Criteria for Cooperative Member Share Ownership
Financial Criteria
- Applicants must have an excellent credit/payment history. Failure to pay coop-related fees may have an impact on the financial well-being of the other members. (See below for information about FICO scores.) We also request a CORI report.
- Applicants should document a full-time, five-year work history (or equivalent).
- Applicant(s) total household income must be less than $181,940. The benchmark we use is 110% of the median income for a family of four in Suffolk County, not adjusted for family size. We use the City of Boston’s table (see the updated table the page links to, it gets updated every year).
- The criteria and eligibility for Cooperative Membership are based on the purpose of the Cooperative to provide long-term housing for people whose needs are not met by the current housing market and to keep the Cooperative financially sustainable over the long term.
- Applicant(s) should have an adequate income to cover the monthly charges. To determine this the monthly carrying charges (rent) and monthly loan amounts from all sources needed to purchase the unit cannot exceed 30% the annual gross income reported in the IRS tax returns. Based on Carrying charges (rent) costs alone, this is a minimum of $70,000.
- Since the cooperative was formed to provide long term housing for those whose housing needs are not met by the current market, owning a condo or other property is a disqualification.
- Applicants should be willing to make a 3-5 year commitment to the Cooperative. The longer you’re a member the better the financial benefits.
Household Criteria
- All household changes need an application review.
- No dogs are allowed. Cats are permitted with the Board’s approval.
- A business that involves foot traffic to the building is prohibited.
- Applicants must list everyone in your household on their application. There is no subletting or “roommates” allowed.
- A family dependent is listed as a dependent on the applicant’s IRS Tax Return
- To be consider a caregiver, the person cared for is listed on the applicant’s IRS Tax Return as dependent.
- All adults (those not listed on the IRS tax return as dependent) need to meet all requirements.
- All dependents (listed on tax returns) are included in the application process, including the interview.
Ownership Responsibility Criteria
- Applicants must live in the unit as their primary residence. (roommates/subletting/AirBNB are not allowed.)
- Applicants are expected to share in the responsibilities of ownership and should have the commitment and time needed to participate in meetings and tasks.
A Note about Credit Scoring
We require a FICO score of 740 or better which is currently supplied by Experian (1-888-397-3742) through our management company, the Mackin Group. We encourage all interested people to review their FICO score before applying but be aware that many companies may provide a “credit score” and not a “FICO” score and some FICO scores may vary from different companies. Consumer laws do protect you from erroneous credit reporting and you are encouraged to seek corrections before you apply. Experian Fair Credit Reporting Act explanation with your rights and resources.