When an applicant(s) has completed the entire screening process, including house visit, and has been approved by the Board of Directors, a unit will be assigned. The subscription/membership fee is due at the time of the closing.
Applicants: The following criteria are our policy on applications. The final decision is made by the Board of Directors upon examination of the following: all factors contained within the application; a personal interview with the applicant by the Screening Committee; an income verification check; a CORI check; personal references; and a home visit. We are an Equal Opportunity Housing Provider, and no decision is based on any criterion which would violate any state or federal regulation on discrimination or contained in the Fair Housing Act.
Applications: Incomplete applications and/or false information on an application are not acceptable.
Landlord References: Any major complaint from a current or former landlord is sufficient grounds to reject an application.
Credit and Court Records:
The following credit issues are grounds for rejection:
Drug Policy: Nassau Gardens Coop has a strictly enforced no tolerance policy for drugs, including smoking marijuana. If you are applying and have a drug arrest or conviction, we will not provide housing. If you are a current tenant and are arrested for drugs, we will terminate your tenancy forthwith.
Credit Reports: We obtain our credit reports from the agency listed below. If you wish to see, or dispute the contents of your credit files, please contact the appropriate agency.
WHAT THE CORPORATION IS AND WHAT IT DOES FOR ITS SHAREHOLDERS
Purpose: The Corporation is organized for the benefit of its Shareholders who are all residents. The Articles of Organization, which is its Charter, guarantees that the Corporation’s primary function is to provide housing on a cooperative non-profit basis for the benefit of its Shareholders.
How the Corporation Operates: The By-Laws of the Corporation form the constitution for the Membership group of owner-residents. They define how the Corporation shall function and they guarantee democratic control and define the structure of the Corporation and the rights and obligations of the Shareholder.
In these By-Laws, you will find provisions for eligibility for membership and manner in which the membership may be terminated; provisions for regular meetings; the method for selecting the Board of Directors and the extent of their powers and duties, as well as the technical requirements for the fiscal management of the cooperative corporation.
Nassau Gardens Cooperative is a privately owned corporation with 204 shareholders. It is neither low-income housing nor public housing. We are self-managed and anyone wanting to live at Nassau Gardens needs to know that this is a unique organization that encourages its Shareholders to participate and support the cooperative ideals.
In order to assure our continued success as a limited equity cooperative, the Board of Directors has established guidelines for all applicants who desire to become part of our community and are applying for membership.
The Screening Committee, as well as the Board of Directors, will utilize all information provided regarding both assets and debt when considering applicants for membership. Net assets (savings, etc.) minus any debt, must be greater than the subscription fee.
Each applicant/co-applicant wishing to be a Shareholder must also meet the minimum annual income guidelines as stated below.
ANNUAL INCOME GUIDELINES |
Applicant & Co-Applicants = $45,000 each for One Bedroom Applicant & Co-Applicants = $50,000 each for Two Bedrooms |
Single Applicant + One Dependent = $50,000 One Bedroom Single Applicant + One Dependent = $55,000 Two Bedrooms |
Single Applicant + Two Dependents = $60,000 Two Bedrooms |
Single Applicant + Three Dependents = $65,000 Two Bedrooms |