Cooperative Communities of Chicago BETA

Info hub for housing that you can afford and enjoy.

formation abridged

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

Here are some property-first tips (abridged from our full Formation Guide):

  1. Tell your group about the property and get them excited. Review your preferences and finances (we recommend a free tool like Fireplace to help).
  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. We have a free guide to prep you for this meeting.  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.