C Street Co-op: Now Accepting Applications
- SquareOne Villages
- May 20, 2021
- 2 min read
Updated: Sep 20, 2021
UPDATE: All six membrships have now been filled.
We are excited to announce that we are currently accepting applications for the C Street Co-op!
Construction is moving along swiftly and occupancy of the six one-bedroom suites is expected in August 2021.
To learn more about the design and ownership struture of the housing being offered, please review the Project Overview.
You can download the application packet here, which includes information on the application process, membership selection criteria, and instructions for submitting an application.
Got questions? contact us at info@squareonevillages.org
This page will be updated once we are no longer accepting applications.
Address: 1085 C Street; Springfield, OR 97477
Unit Size: 1-bedroom; ~384 square feet
(see floor plans and site plan in C Street Co-op Project Overview document)
Income Limit: 80% area median income (see application for more details)
Carrying charge: $788 / month (includes utilities)
The carrying charge is a monthly payment that each member makes to the co-op that covers all of the co-op’s fixed and variable expenses, including utilities (electric, water, sewer, and trash), property taxes and insurance, maintenance, replacement reserves, ground lease fee, and mortgage payments. Monthly carrying charges are set by the co-op as part of its annual budgeting process.
Membership Share Purchase: $10,000 **
In addition to the monthly charges, each accepted applicant must purchase a membership share in the co-op, similar to a down payment on a home. The value of the share will appreciate according to a resale formula of 3% simple interest per year. This allows member-owners to build modest equity while also preserving affordability for future residents.
A minimum of $2,500 toward the total share cost is needed at move-in. SquareOne Villages is able to assist qualified applicants in obtaining financing to purchase a share.
** The total share cost may be reduced if additional subsidies are secured by SquareOne Villages prior to occupancy. If the share cost is the only barrier for you, we still encourage you to apply and list the amount you could pay in the application.
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It's fantastic to see C Street Co-op officially open for applications. This is a significant step in building a cooperative housing community where people can share responsibilities and benefits together Fnaf. This model not only helps reduce living costs but also creates a cohesive and supportive environment. I believe the introduction of Co-op will bring many long-term values to residents and is proof of the power of community cooperation.