The Limited Equity Housing Cooperative Board

A board of directors makes decisions for the cooperative.

Each member has one vote in the election of the board.

The board plays a major role in creating policy and managing the cooperative.

Board committees, which include both board and non-board members, accomplish the tasks needed to operate the property.

The board of the cooperative has major responsibility for:

● Oversight. The board oversees property management, either through "self-managing" members or a hired management agent.

● Budget. Board oversight of the budget maintains reasonable living costs by keeping monthly maintenance costs as low as is prudent.

● Finances. The board is responsible for all financial aspects, including, purchasing, record keeping, bookkeeping, setting reserve amounts and uses, auditing and reporting, financing or refinancing decisions.

● Resales. The board manages the resale process, including interviewing and approving new members and purchasing and reselling members' shares. It also regulates improvements and valuation of improvements to individual units.

● Evictions. The board determines the need for any evictions (within the constraints of local just cause eviction regulations).

● Committees. The members join various committees that support the work of the board. Committees are central to the co-op's operations and depend on the participation of a reasonable percentage of the membership.