Why is it important to join early?
The sooner you enter the community, the more opportunity you will have to be a part of the design and planning. Early membership also gives you a higher priority in the order in which homes will be selected. Many cohousing groups offer financial incentives for joining a project early, such as a discount applied to your home price. Stony Brook Cohousing is currently offering a $2,000 purchase credit to households that become an Equity Member on or before March 21, 2010.
How do I join?
Attend one or more of our events to learn more about Stony Brook Cohousing, meet members and see how we operate. All members should be comfortable, so we encourage you to ask questions.
Once you feel comfortable with Stony Brook, become either an Associate or Equity Member (see below.) The process is short, painless and gives you a voice on all decisions we make.
What is an Associate Member & how do I become one?
Associate Membership is generally the first step families take before becoming full Equity Members (though some do skip this step and go straight to becoming Equity Members.) All Associate Members participate in meetings, committees, workshops and social events and have access to all records and documents. Associate Members are part of all activities and discussions but cannot block consensus agreement.
Associate Member households (all membership is per household) complete an Associate Member Agreement, and pay a one-time administrative fee of $150. Associate Members are assigned a “buddy” (an Equity Member) who can answer questions and are encouraged to observe, learn, participate and have fun.
What is an Equity Member & how do I become one?
Prospective Equity Members review all important documents and participate in a “clearness” process to ensure that they and the community have a common understanding of what membership means. Prospective Equity Members must also get pre-qualified for a mortgage or otherwise provide proof of funds to complete the purchase of a home. Equity Members intend to live in the community and are up to date on equity payments, as determined by the group. Equity Members have the same rights and responsibilities as Associate Members, with the additional right to block consensus.
How much do Equity Members need to pay and when?
Equity Members make an equity contribution (which is considered part of the buyer’s down payment) as determined by the group. Equity membership is currently $3,750 for new members. Additional equity contributions will be required, according to the schedule determined by the Equity membership, until each Equity Member has contributed 7% (total) of their actual unit cost. This down payment will need to be in place when construction starts to reserve the unit.
Will pets be allowed?
The community has agreed to be pet friendly. Beyond that, Stony Brook Cohousing has yet to determine precisely what our policies will be – this is part of the deliberative process members are currently engaged in and can decide on.
How is home ownership legally structured in cohousing communities?
Like most cohousing communities in the U.S. Stony Brook Cohousing will be structured as condominiums or planned unit developments.
Members jointly own the common property and facilities, and are the sole owners of the lot in which they live.
What if someone wants to move out of the community and sell their home?
Any family leaving the community can legally sell its property to anyone it chooses. Beyond that, Stony Brook Cohousing has yet to determine precisely what our policies will be – this is part of the deliberative process members are currently engaged in and can decide on.
Some cohousing groups maintain a “right of first refusal”, which means the family must offer the home for purchase by the community or to an individual or individuals within the community before putting it on the open market. Some cohousing groups maintain a waiting list of people interested in being informed if a home becomes available. The seller and the rest of the community will benefit if everyone lends a hand in finding new owners. When it comes to re-sales, experience has shown that homes in cohousing have appreciated faster than the market as a whole.
How do you make decisions?
We use a consensus model by which all members of the group have an equal voice and agree to major decisions. Consensus is not decision-making by the majority or a select group of representatives. The consensus process that we use can be observed in almost any general meeting of SBC. We use a committee structure to get work done and prepare proposals for the general meeting. The committees are: Membership and Marketing, Business, and Physical and Design. We have a Treasurer, but no other officers.
What will the cost of the units be?
The cost of the units has yet to be determined. It is anticipated that the units will be “market rate” for similarly sized newly constructed condominiums plus 2-4% for the shared facilities.
Will SBC be accessible to mobility-impaired individuals?
We will make all common areas accessible. All units will be “visit-able” on the entry level of each unit. Some units will be completely accessible.
