Individual applicants must have an annual income of at least $27,000. An additional $2,000 annual income is required for each additional occupant of the townhome.
EXAMPLE: An applicant with spouse and two children is required to have an annual income of $33,000.
Individual senior citizens age 65 or over must have an annual income of at least $20,000. An additional $2,000 annual income is required for each additional occupant of the townhome.
EXAMPLE: An applicant, age 65 or older, and spouse is required to have an annual income of $22,000.
Individuals may NOT combine income in order to meet the income requirement.
Good credit is required. Credit history will be evaluated. Negative credit history including bankruptcy, collections, judgments, and late payments will limit the likelihood of approval for membership.
A maximum of four (4) people may occupy a TWO BEDROOM TOWNHOME. The four (4) people may include no more than three (3) adults or no more than three (3) children.
A maximum of six (6) people may occupy a THREE BEDROOM TOWNHOME. The six (6) people may include no more than four (4) adults or no more than four (4) children.
Dogs are not permitted. Up to two INDOOR cats may be kept in a townhome. Cats must be licensed by the Village of Park Forest and registered with the Cooperative annually.
MEMBERSHIP APPLICATION INFORMATION
Applications for membership may be obtained by contacting the Park Forest Cooperative/Birch Street Townhomes Management Office at (708) 748-3602. In addition to completion of the application form, the following items must be submitted:
Two recent paycheck stubs or, if beginning a new job, a letter from the employer verifying employment and income
A signed copy of last year's complete Federal Income Tax Return Form 1040 (including all supporting schedules) or page 1 of Form 1040 EZ
W-2 Form(s) and/or 1099 form(s)
Self-employed individuals - a signed copy of most recent Federal Income Tax Return, including all supporting schedules - must cover a full year of business operations
Other Required Documentation
If divorced within the last three years, a copy of the final divorce decree indicating debt responsibility
Fee is to be paid by check or money order submitted with the application. $40.00 for each applicant - $80.00 for a married couple.
Buyers may qualify for Park Forest Cooperative/Birch Street Townhomes sponsored financing. Qualified buyers may be able to borrow from 50% up to 75% of the membership price from participating local lending institutions. A minimum of 25% of the membership price will be required to be paid in cash for all sales. Some sales will require a higher down payment. 10% of the selling price will be required as earnest money at the time of signing a Sales Agreement. Financing details will vary. Contact Park Forest Cooperative/Birch Street Townhomes for financing details for specific membership locations.|
In order to qualify for participation in the financing program, buyers must have good credit and an acceptable income/debt ratio. Approval for membership does not automatically provide approval for the Cooperative sponsored financing program. Not being approved for the Cooperative sponsored financing program does not prevent the buyer from seeking financing outside of the Cooperative sponsored program.