Q. What is the difference between the Membership Price and the Carrying Charges?
A. The Membership Price is the price you are paying to purchase the share of stock either from the existing shareholder, who is moving out and selling you their share of stock, OR a share owned by the Corporation. The Carrying Charges are the monthly assessment charges that you will pay to the corporation each month to handle budgeted items for the upkeep and operations of the property.
Q. Do the carrying charges increase each year?
A. Based on budgetary needs, the Board of Directors can determine during the annual budget review whether an increase in carrying charges is needed for the coming year.
Q. Am I allowed to have a co-signer to help me qualify for a membership?
A. The Cooperative does NOT allow co-signers to be a part of the qualification criteria. The person applying for Membership must meet ALL of the Cooperative’s approval criteria in order to be qualified to become a member.
Q. Can a member sublet their townhomes to other renters?
A. The Cooperative does NOT allow subletting. The townhomes must be owner-occupied, that is, the person OR family that has been approved for Membership by the corporation.
Q. Are pets allowed?
A. Dogs are not permitted; up to two indoor cats (licensed yearly) are allowed.
Q. Can Members make improvements to the townhouse?
A. Yes, Members can make improvements once they have met the improvement process criteria and are approved by Management or the Board of Directors.
Q. Can the basements be finished?
A. Per the building codes of the Village of Park Forest, basements cannot be made into a habitable space.
Q. If I am self-employed how can I prove my income?
A. An individual must have been self-employed for one full calendar year. A copy of the previous year’s federal income tax form 1040 must be submitted proving the income criteria for membership was met.
Q. How often do you have memberships for sale?
A. Sales availability can vary, from time to time.
Please feel free to contact us with any additional questions.