The cooperative association owns the building and has blanket mortgages used to purchase and rehabilitate the building. 

Members own a share of the cooperative, giving them a right to their unity in perpetuity — assuming they follow the co-op bylaws and house rules. 

Members democratically control the cooperative by running for the Board, voting for board members, and attending board meetings. The Board is the governing body of the cooperative association.

Members pay a monthly "assessment", in lieu of "rent", covering their share of the co-op's operating costs.  The assessment is calculated based on each shareholder's percentage of ownership.

The cooperative develops an annual budget to determine members' monthly assessments (carrying charges). The assessments cover the day-to-day operational expenses of the community which include, but are not limited to, preventative maintenance, general repairs, building management (including an on site building manager), financial oversight, custodial services, common utilities (water, electric, gas, etc.), and legal services for the co-op.  The assessments also contribute to reserves ensuring that funds are available for large capital projects, such as replacing the roof or other common elements. No one person or member receives profits generated by the building or cooperative.

Prices of shares are limited; may increase by predetermined formula and by Board approved unit improvements.

Members who join/buy a share of the co-op must meet the City's income limit of 80% area median income for their household.

Members build equity primarily by improving their unit, and ensuring the Board has approved those improvements.

The property has a permanent affordability covenant which means that forever more, the building must remain affordable to people whose incomes are at or below 80% of the area median income (AMI) when they first apply for membership.