A person applies to become a member of the Interest-Free Housing Housing Co-operative Ltd "Formerly ISNA Housing Co-operative". by submitting a membership application, subscribing for and remitting payment for the purchase of at least the required minimum number of five (5) membership shares at $100 each, along with the non-refundable membership fee of $75.
An eligible member may apply to the Co-operative for the opportunity to select and occupy a residential housing unit. If the member’s application is acceptable and the Co-operative acquires a housing unit for occupancy by the member, the member will enter into an Occupancy Agreement with the Co-operative providing for (a) the member’s occupancy of such housing unit upon specified terms and conditions as stated in the regulations, and (b) an option to purchase the housing unit from the Co-operative at any time in the future.
An eligible member as per IHC regulations who already owned a house on conventional mortgage or loan may enter into an Occupancy Agreement with Co-operative.
The member may at any time exercise his or her option to purchase the housing unit occupied by him/her by written notice to the Co-operative. The member can provide funds for such purchase form any source. Upon making such purchase the member will pay to the Co-operatives Purchase Price, being an amount equal to the original purchase price paid by the Co-operative regardless of any decrease or appreciation in the market value of the housing unit since the time of its purchase by the Co-operative.
The basic Occupancy Charge will be a proportion of the fair market value rental for such a housing unit. The monthly Occupancy Charge will be recalculated for the following month in which additional shares of one thousand dollars ($1,000) or more are purchased.