How can a limited equity cooperative assure its success?
First, your cooperative will be led by you and your neighbors. (Nationally, this is a group of approximately 150,000 units of housing. In NYC, the limited-equity co-op community is about 1,300 co-ops representing approximately 100,000 apartments.) Second, your co-op is only as strong as its Board and members. UHAB encourages you to run for the Board or join a committee. Third, your documents are your tools and your bylaws give shareholder members powers and responsibilities. Using them often will help your co-op succeed. Lastly, UHAB recommends the co-op engage professionals such as your property manager or your local technical assistance provider for advice and guidance, but also that you don’t let any outside professional begin to act like the landlord. YOU and your neighbors are the owners. Together you are a powerful team.