Cooperative Communities of Chicago BETA

Info hub for housing that you can afford and enjoy.

formation tips

This is guest post from RESUS collective.

Saw a property that has great potential for your housing co-op?

Here are some property-first tips (abridged from RESUS’s Formation Guide):

  1. Tell your group about the property and get them excited. Review your preferences and finances (we’re developing a free tool, Fireplace, to help if you’re interested).
  2. Contact the listing agent or your realtor and setup a viewing with your group.
  3. Draft up the necessary documents, open a holding account, and start the nonprofit incorporation process. The lender will look for these three pieces to be in motion.
  4. Meet with a lender to apply for loan. Not having a solidified group can be tricky, but with an idea of how many people you want to participate, you can at least start crunching the numbers.

If you need more help you can always consider hiring someone to coach your group or help visualize your property according to your group’s needs.   Contact us if you need some advice.