Housing & Leases
Learn how housing co-ops record resident leases, assess monthly rent, collect payments, and credit part of each payment to the resident's capital account.
Housing Cooperative Leasing & Occupancy
Housing cooperatives operate differently than rental apartments. Residents hold Occupancy Agreements and own equity shares in the housing corporation. The Resident Leases module tracks each resident's unit, rent, balance due, and the equity they build through their payments.
1. Leases & Rent Roll
The lease list shows every resident's agreement and current balance:
- Lease Records: Each lease links a resident member to a unit number, monthly rent, start and end dates, a status, and the current balance due.
- Assessing Rent: Click to assess a month's rent on a lease, which adds it to the resident's balance due. Rent is assessed when you choose; it is not billed automatically.
- Collecting Payments: Record a payment against the balance. The payment is posted to the general ledger, split between rental revenue and member capital.
2. Equity Accrual on Rent Payments
In limited-equity housing cooperatives (LEHCs), a portion of the monthly occupancy fee accumulates as resident equity. OwnFold applies a fixed rule:
- Equity Share: 20% of each rent payment is credited to the resident's capital account (Dr. Cash; Cr. Sales Revenue for 80% and Cr. Member Capital Accounts for 20%), and the credit appears in their Member Ledger history.
- Redemption Values: Limited-equity share values that preserve long-term affordability are set by your bylaws. Record those rules in your governing documents; redemptions are requested and approved through Share Trades.
3. Maintenance & Repairs
When residents report a maintenance issue, create a work order for it. Work Orders lets administrators schedule crews on the dispatch calendar and track repairs through to completion.