Monthly rental subsidies are consequently based on the total of the monthly share loan payment and the regular monthly carrying charges. The actual share loan payment is made by the resident rather than with the subsidy. The Housing Finance Agency financed the share loans for other low and moderate income co-op members. Higher income members were expected to pay share prices using personal loans or savings. The co-op is established under state incorporation statutes.
Most states have special statutes for cooperatives.
Organizational Documents Articles of Incorporation Name and purpose of the corporation. Number of shares of stock the corporation may issue. Restrictions on the resale and transfer of stock including limitations on the resale price. By-Laws Internal government of the corporation. Requirements for becoming a resident-stockholder.