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ADMISSION STANDARDS
Income
Individual applicants must have an annual income of at least $25,000. An additional $1,200 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 $28,600.
Individual senior citizens age 65 or over must have an annual income of at least $15,000. An additional $1,200 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 $16,200.
Individuals may NOT combine income in order to meet the income requirement.
Credit Information
Credit history will be evaluated. Negative credit history including bankruptcy, collections, judgments, and late payments will limit the likelihood of approval for membership.
PERMITTED OCCUPANCIES
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.
PET RESTRICTIONS
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:
Income Verification
Two recent paycheck stubs or, if beginning a new job, a letter from the employer verifying employment and income
A signed copy of page 1 and page 2 of last year's Federal Income Tax Form 1040 or page 1 of Form 1040 EZ
W-2 Forms
Court documentation of child support, maintenance, or alimony if included in income to meet requirement
Other Required Documentation
If divorced within the last three years, a copy of the final divorce decree indicating debt responsibility
Application Fee
A check or money order in the amount of $25.00. This fee will be refunded if the applicant is approved for membership and becomes a Birch Street Townhomes member.
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Buyers may qualify for Park Forest Cooperative/Birch Street Townhomes sponsored financing. Qualified buyers may be able to borrow up to 75% of the membership price from participating local lending institutions. Buyers must have 25% of the membership price in cash. Of this 25%, 10% will be required as earnest money and the additional 15% will be required at the time of closing.
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.
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