Common Questions

How can a limited equity cooperative assure its success? →

Your co-op is only as strong as its board and members.

How are maintenance fees or common charges determined? →

Maintenance/common charges are based on your co-op’s mortgage and common costs.

What does my monthly maintenance fee cover? →

Maintenance fees cover general operating expenses.

How much can I sell for? When can I sell? →

Limited Equity co-ops have income restrictions and affordability guidelines.

What happens if something breaks in my unit? →

You are responsible for repairs inside the unit.

Who will monitor the board’s activities? →

As owners of the corporation, the shareholder members—you—are responsible to monitor the co-op’s management and finances.

Can I put my child on my shares? →

Only adults can be owners. UHAB recommends you do two things in prep for buying.

What are proper maintenance increases and percentages? →

Maintenance fees should be raised yearly and in all cases must be sufficient to cover your expenses and reserves requirements or needs.