Members and Ownership Structure
Members of the Belmont Chambers are shareholders of the Belmont Chambers Cooperative Corporation. The shares are accompanied by a proprietary lease (also known as an Occupancy Agreement) for a particular unit.
Belmont Chambers is a limited equity cooperative. Limited Equity means that the resale price of the unit is governed by a formula that is designed to insure the long term affordability of the building.
Belmont Chambers Cooperative Corporation holds the deed to the building and the land. Mortgages held by Symphony Area Renaissance Trust (SART) secure the limited equity nature of the building. Should the members of the Cooperative decide to liquidate or violate covenants that were agreed to at the establishment of the Cooperative any windfall proceeds from the sale would revert to the Trust to enable other affordable housing options in the neighborhood.
Because owners do not directly hold real property as do condominium owners they are not eligible for normal mortgage loans. We recommend applicants consider applying to their bank, credit unions or 401k/403b for personal loans to assist with the purchase price.
For the 2BD available in early to mid 2026, a non-profit may make a low-interest share loan up to $40,000 available for an eligible household. We hope to have information available at our Open House.