WHAT IS COOPERATIVE HOMEOWNERSHIP Co-op membership/ownership is where individuals buy a share into Kennedy House, Inc. rather than acquiring real property (synonymous with a deed). Members/owners in the Kennedy House Cooperative have exclusive rights to their particular unit through an occupancy agreement with the cooperative corporation. With this contract, the member/owner agrees to comply with the cooperatives’s by-laws, house rules and to pay a monthly maintenance fee. Kennedy House is an Open-Market cooperative which means cooperators can sell directly to eligible buyers.
DOES KENNEDY HOUSE HAVE TO BE MY PRIMARY RESIDENCE? No. Kennedy House does not have to be your primary residence. It can be used as a part-time residence.
CAN UNITS BE PURCHASED BY A CORPORATION OR TRUST? A Kennedy House co-op must be purchased by individuals and cannot be bought by a corporation or trust. However, the Board of Directors, in its absolute discretion, on a case by case basis and without having any precedential effect, may waive the requirement that a member be a natural person in order to allow an irrevocable trust for the benefit of a specific natural person or persons to be a member of a Residential Unit. Anonymity in a cooperative, therefore, is not possible.
