Membership Application

Application Requirements

To purchase one of our available co-op homes, you must apply to become a member of our housing cooperative. Every occupant above 18 years old must provide a completed application. 

 

Eligibility Requirements 

 

  • $22K minimum income per year, plus additional $1K per dependent

  • $15K minimum income per year for seniors, plus additional $1K per dependent

  • Credit Report must show 75% with an R-1 rating

  • Mandatory Background Check for all Adult Occupants

  • Bankruptcies must be 2 years old, and 80% credit must show an R-1 rating

 

Application Process

 

  1. Click the Link Below to Print the Membership Application.

  2. Complete Entire Application - Do Not Leave Lines Blank

  3. Gather all Supporting Documentation

    • ​Previous year's W-2 form 

    • Paycheck stubs for three months

    • Copy of current drivers license 

    • Copy of marriage certificate for married couples

    • Any other information or documentation deemed necessary

  4. Visit our Office located at 63 Cedar Street in Park Forest, IL 60466 during business hours to turn in application, required documentation and non-refundable application fee.

  5. Application Fee is $30 per applicant or $45 per joint membership. We accept money order, certified check, or cash only. (Non-refundable)

  6. If your employer uses The Work Number to complete verification of employment, we require a separate $49 fee per verification.

 

That's it! Once you have completed the steps above, the only thing left to do is wait. The current, average processing time for a completed application is 10-15 business days. Once approved, it's time to secure financing, then start searching our selection of available homes.

 

Financing Options

 

  • Paying the full balance up front using secured funds will speed up the move-in process. Please note that we do not physically accept cash in the office, it must be in the form of money order or cashiers check.

  • If you need financing for the purchase of a unit, you can take out a loan for up to 75% of the purchase price. 

  • We work with the local bank First Midwest Bank. Please contact us for more information on financing. 

  • You are welcome to use any bank of your choosing, simply explain to the banker that is is a housing cooperative loan you are seeking. All financial institutions operate differently and there is no guarantee that yours will approve a full 75% of the purchase price. Please seek out legal/financial advice before signing any contracts. 

PRINT & COMPLETE

Office Hours

 

Mon:    9am - 4:30pm

Tue:      9am - 4:30pm

Wed:    9am - 4:30pm

Thur:    9am - 4:30pm

Fri:        9am - 4:30pm

Contact Details

 

63 Cedar Street

Park Forest, IL 60466


T: 708-747-3833
 

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