499A.1 Articles. 1. Any two or more persons of full age, a majority of whom are citizens of the state, may organize themselves for the following or similar purposes: Ownership of residential, business property on a cooperative basis. A corporation or limited liability company is a person within the meaning of this chapter. The organizers […]
499A.10 Record — effect. The change or amendment provided for in section 499A.9 shall be recorded as the original articles are recorded. From the date of filing such change or amendment for record, the provisions of said section having been complied with, the change or amendment shall take effect as a part of the original […]
499A.101 Definitions. As used in this subchapter, unless the context otherwise requires: 1. “Advisor” means a member of the association’s advisory committee. 2. “Association” means a sweat equity housing cooperative association created pursuant to this subchapter. 3. “Authority” means a local housing authority created pursuant to section 499A.102. 4. “Low income” means the income of […]
499A.102 Local housing authority. 1. A local housing authority may be created to encourage and assist the formation of housing cooperatives under this chapter. The following persons are authorized to form an authority, separately, or in combination with other authorized persons: a. A city. b. A county. c. A nonprofit community organization. d. A nonprofit […]
499A.103 Low-income participants. The local housing authority shall recruit low-income persons to participate as sweat equity partners in a housing cooperative association organized by the local housing authority. 90 Acts, ch 1120, §3
499A.104 Sweat equity housing cooperative association. 1. The local housing authority may form one or more sweat equity housing cooperative associations under this chapter. A sweat equity housing cooperative association shall operate as a multiple housing cooperative association under subchapter I, except as specifically provided otherwise under this subchapter. 2. A sweat equity housing cooperative […]
499A.105 Association financing. 1. Organizational and construction phase. Upon incorporation, and after adoption of a rehabilitation plan pursuant to section 499A.104, the association may apply to the Iowa finance authority or other sources for financial assistance. The Iowa finance authority shall review the rehabilitation plan, and subject to the availability of moneys, may approve for […]
499A.106 Reimbursement of sweat equity contribution. The association shall establish criteria for the reimbursement of a partner terminating membership in the association, in accordance with the partner’s sweat equity contribution. 90 Acts, ch 1120, §6
499A.11 Ownership — certificate of membership. The cooperative has the right to purchase real estate for the purpose of erecting, owning, and operating apartment houses or apartment buildings. The interest of each individual member in the cooperative shall be evidenced by the issuance of a certificate of membership. The certificate of membership is coupled with […]
499A.14 Taxation. The real estate shall be taxed in the name of the cooperative, and each member of the cooperative shall pay that member’s proportionate share of the tax in accordance with the proration formula set forth in the bylaws, and each member occupying an apartment as a residence shall receive that member’s proportionate homestead […]
499A.18 Homestead. Each individual apartment constitutes a homestead and is exempt from execution, provided the member otherwise qualifies within the laws of the state of Iowa for such exemption. [C50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §499A.18] 91 Acts, ch 30, §13
499A.18A Upkeep of the cooperative. It is the duty of the cooperative to maintain generally all portions of the cooperative’s real property other than the apartment units. The maintenance, repair, and replacement costs of the cooperative’s real property shall be contributed to by each of the members in accordance with the proration formula set forth […]
499A.19 Election of directors. 1. The directors shall be elected by the members of the cooperative. The election of officers shall be made by the board of directors. The annual election of the directors shall be held during the month of January of each year, and they shall serve until their successors are elected and […]
499A.2 Powers — duration. Upon filing such articles the persons signing and acknowledging the same and their associates and successors shall become a body corporate with the name therein stated and shall have power: 1. To have perpetual succession by its name, unless a limited period of duration is stated in its articles of incorporation, […]
499A.22 Lien for assessments. 1. a. The cooperative has a lien on a member’s interest in the cooperative for all operating charges or other assessments payable by the member pursuant to the member’s proprietary lease from the time the operating charge or other assessment becomes due. If carrying charges and assessments are payable in installments, […]
499A.23 Effect of documents and instruments. 1. Unless amended or terminated by this chapter or by the following documents or instruments, all terms, conditions, covenants, and provisions contained in the following documents or instruments shall remain in full force and effect as long as the cooperative remains in existence: a. The articles of incorporation of […]
499A.25 Title of Act. This subchapter shall be known and cited as “The Cooperative Housing Act”. [C50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §499A.20] 91 Acts, ch 30, §15 CS91, §499A.25
499A.2A Bylaws. 1. The initial bylaws of the cooperative shall be adopted by the cooperative’s board of directors. Prior to the admission of members to the cooperative, the power to alter, amend, or repeal the bylaws or adopt new bylaws is vested in the board of directors. Following the admission of members to the cooperative, […]
499A.3 Members. A cooperative shall have only one class of members. The designation of that class and the rights of the members of the class shall be set forth in the articles of incorporation or the bylaws. The cooperative must issue membership certificates evidencing the ownership interest of each member of the cooperative. [C50, 54, […]
499A.3A Meetings of members. 1. Meetings of members may be held at such places as may be provided in the articles of incorporation or the bylaws, or as may be fixed from time to time in accordance with the provisions of the articles or the bylaws. In the absence of any such provision, all meetings […]
