You are! The members are the sole owners of the cooperative. You elect a Board of Directors to act as your representative in setting policies for the benefit of the cooperative as a whole. The annual meeting is held and members elect a Board of Directors from among the resident members of the cooperative.
Under the terms of the Management Agreement approved by the Federal Housing Administration (FHA) and/or the office of Housing and Urban Development (HUD), the Managing Agent continues to handle the day-to-day business affairs of the cooperative and carries out the policies set by the Board of Directors. The Board may renew the Management Agreement for succeeding periods at each expiration date. The organization chart below shows how the cooperative functions.