Fulmor Heights Home Ownership

Fulmor Heights Home Ownership Association is a limited-equity housing co-operative. Sixty years ago, the Corporation purchased 65 acres of land and its structures from the Federal Government. To this day, the Corporation retains ownership of the lan...

Fulmor Heights Home Ownership Association is a limited-equity housing co-operative. Sixty years ago, the Corporation purchased 65 acres of land and its structures from the Federal Government. To this day, the Corporation retains ownership of the land and structures. When a member moves into Fulmor Heights, the member does not purchase a particular structure (unit) and the land upon which the unit sits. The member purchases 1/300th of the Corporation, which entitles the member to the exclusive use of a particular unit and the land adjacent to the unit. In short, the member does now own the unit and the land around the unit. The member owns a membership to Fulmor Heights Home Ownership Association, which entitle