Housing cooperatives are a distinctive form of ownership that are membership-based. They combine the pride and benefits of home ownership with the convenience and cost-efficiency of community living. As a non-profit, The American Cooperative is owned and controlled by its Members (residents), which protects the cooperative’s long-term property value and affordability.

The American Cooperative is a limited equity cooperative partnering with the U.S. Department of Housing and Urban Development (HUD) to secure the financing of the cooperative through a master mortgage. This is the cooperative’s guarantee the project will be financed. In addition, The American Cooperative works closely with HUD to ensure the completion of the cooperative.

As a Member, you are issued a share in the cooperative which gives you the voting rights to elect the cooperative’s Board of Directors. Each home represents one voting share. While the cooperative holds the title to the property, members have an exclusive right to occupy their home through their ownership in the cooperative.

The American Cooperative is being developed and marketed by Gramercy Development Companies and will be managed by Ebenezer Management Services.

Members will elect the first board of directors at the first annual meeting once the building opens. The five Members of the board will serve staggered terms (1 director for 1 year, 2 directors for two years, and 2 directors for three years). An initial board, comprised of members of the development team, will serve until the building is constructed.

Do I have to serve on a committee or the board as a cooperative member?

Cooperative membership does not require you to participate in committees, meetings or any other activities in the building.

No. Each home represents one vote.

While the cooperative holds the title to the property, Members have an exclusive right to occupy their home and sign an occupancy agreement with the cooperative.

Yes, two dogs or two cats.

No