Learn More About Drake's Creek Coop Apartments

What is a limited equity housing cooperative?

A housing cooperative is a legal entity where residents jointly own and democratically manage a residential property. Each household has their own complete unit with private kitchens and bathrooms, like a condo or apartment. A limited equity housing cooperative means that part of the equity is owned by individual residents and the remainder is owned by the cooperative as a whole. This ensures that the homes remain permanently affordable to future residents.

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What Are the Benefits of Limited Equity Cooperative Housing?

• Long-term housing security and stability

• Democratic decision-making by the resident-owners about monthly housing costs, building investments, and policies

• Similar tax benefits as ownership

• Ability to grow community and mutual support

• Social and recreational amenities

• Affordability for future residents

• Can pass on stable costs to family members across generations

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Will I Have My Own Unit?

Yes, each resident household has their own unit.

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Why Should I Buy Into a Cooperative Instead of Renting?

When you buy into a cooperative, you are a partial owner of the housing development. You get to participate democratically in the management of your housing, you have long-term stability, and your monthly expenses only pay for the actual expenses of the building—there is no outside landlord earning a profit.

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Why Should I Buy Into a Cooperative Instead of Buying My Own Home?

Cooperative homeownership can be a more affordable and accessible way to own your home, especially given the high cost of homeownership in Davidson County. Some co-op residents choose to live in a co-op to put money into other investments, to live in a place where they can know their neighbors, and to support a more just economic system. Co-op ownership requires much less money up front than a traditional down payment, and households who wouldn’t qualify for a mortgage can still become owners.

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Will I Have to Attend Lots of Meetings to Be a Member of the Co-op?

The whole membership will meet at least once a year to make major decisions and to elect board members to represent them. The board meets regularly to make decisions and oversee the management of the co-op.

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Will My Monthly Charges Change Over Time?

Monthly charges will adjust each year according to the co-op’s operating needs, including debt service, taxes, and inflation. The co-op owners and the board make decisions together about any increases to monthly payments based on the actual expenses of the co-op.

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What are your office hours?

You can view our office hours on the Contact Us page.

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What are the application requirements?

All applicants must complete an application and satisfy our standard screening criteria. Screening is conducted in compliance with all applicable federal, state, and local fair housing and housing laws.

Our general qualification guidelines include:

• Income Verification: Verifiable gross monthly household income of approximately three (3) times the monthly rent. Alternative sources of lawful income are considered.
• Credit History: A credit screening will be conducted. Credit history is evaluated as part of an overall application review.
• Rental History: Previous rental or housing history may be reviewed.
• Criminal Background Screening: A criminal background check may be conducted in accordance with applicable laws. Results are evaluated on an individualized basis, considering the nature, severity, and recency of any conviction.

All applications are reviewed as a whole. Approval decisions are based on multiple factors, including income, credit, rental history, and screening results. An individualized assessment may be conducted where required by law.

We do not discriminate on the basis of race, color, religion, sex, national origin, familial status, disability, or any other protected characteristic under applicable law.

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How much is the application fee?

The application fee is $35.00. We will do both a background and credit check.

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What is the deposit?

The deposit for each floor plan is listed on our application page.

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Do we take pets?

We only take pets on in certain apartments. Pets must be 25 lbs or less. We do not always have pet apartments available so please call and check availability.

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How do I do my laundry?

Each unit has washer/dryer hookups.

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How do I contact Drake's Creek Coop Apartments?

Have a question that isn't answered above? Contact us by completing this form: