North Oakland Cohousing

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Equity Info

Equity Members are full, equity holding participants in the group, guaranteed a unit within North Oakland Cohousing, as long as they meet their participation and financial obligations.

Member Responsibilities

To maintain active status, North Oakland Equity Members commit to the following responsibilities. All exceptions to these rules must be negotiated with the Membership team, if the household wants to remain active in the group.

• Equity Membership in North Oakland Cohousing is by household.
• At least one adult member from every Equity Member household must regularly participate in the group's general meetings and must make arrangements with the Membership team if at least one household member can't attend more than two general meetings in a row.
• All adult members of the household must serve on at least one North Oakland Cohousing Committee
• All adult members of every household must attend periodic workshops.
• All new Equity Members must agree to support the previous decisions of the group, as expressed in the group's decision log. Agreement to support the group's process does not necessarily mean that the household agrees with all decisions. However, when joining North Oakland Cohousing, the household agrees to inherit the structure and direction already adopted by the group, and to work within the group's framework.
• Equity Members participate in the discussion and business of the group, and make all decisions pertaining to the North Oakland Cohousing LLC. Equity Members may block consensus.
• Members must pay 5% of their estimated unit cost when they join. These payments are non-refundable, except as provided for in the North Oakland Cohousing LLC agreement.
• Assuming they meet their financial obligations, active Equity Members are guaranteed a unit in North Oakland Cohousing and get first chance, in order of seniority, at buying their unit and at swapping units, when the opportunity arises.
• Every Equity Member household is limited to claiming ownership of one unit at any given time.
• If an Equity Member household is unable to meet its financial requirements within the specified time frame, plus a 30 day grace period, the household automatically reverts to Associate status. Lapsed Equity Members may reactive their member status at a later time, assuming units are still available.

Equity Membership Checklist

Following are the steps to become an Equity member household:

1. Fully participate as an Associate household for at least 6 weeks.
2. Read Cohousing and acquire The Cohousing Handbook and Creating a Life Together.
3. Get a mortgage pre-qualification letter from a reputable broker.
4. Meet with membership team to discuss rights and responsibilities of membership.
5. Sign the Membership Agreement and pay 5% of estimated unit price.