Criteria and Eligibility for Cooperative Member Ownership
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.
Criteria and eligibility rules for membership consideration include:
- 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.
- 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 $152,400. 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.
- Applicant(s) should have an adequate income to cover the monthly charges. Currently we calculate the minimum income as $52,000/year.
- 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.
- Applicants must list everyone in your household on their application. There is no subletting or “roommates” allowed.
- 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.
- No dogs are allowed. Cats are permitted with the Board’s approval.
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.