What is a Cooperative?

Owning a membership in a housing cooperative is different from owning a condominium. In a condominium, each owner has legal title to an individual unit and an interest in the common spaces of the condo building. In a cooperative, a member holds title to a share of the entire project.

First five board chairs

Governance of the cooperative is vested in a democratically elected board of directors. Each membership is entitled to one vote in the affairs of the cooperative.

A cooperative can be created by either a nonprofit developer or a for-profit corporation and it can be either market-rate or limited equity. Share values of market-rate cooperatives reflect the full value of the unit including as much equity as the market allows. Share values of limited equity cooperatives reflect the partial value of the unit with the amount of equity set by the cooperative's bylaws. In addition to the original cost of the membership share, members pay a monthly association fee.

Becketwood is a Member-owned, self-governed, market-rate cooperative. Becketwood's return on investment is determined by the market value appreciation of the total unit value, which is the amount the Member pays when he or she purchases a membership.