Fee Deferral Policy

Fee Deferral Policy
Approved by Board on November 5, 2015 (Updated February 16, 2017)


This program allows deferral of a portion of the payment of the monthly co-op fee for eligible members.

There is a $100 origination fee if the member qualifies for deferral, but that can be included in the amount deferred at compounded interest if the member does not want to pay it up front.

The member may choose to defer $50 per month.


This fee deferral program is available to members who meet the following income requirements:

  • If only one person is listed as “Member” on the Mutual Ownership Contract, documentation of the 2015 adjusted gross income of $25,000 or less, or
  • If more than one person is listed as “Member” on the Mutual Ownership Contract, documentation of a combined 2015 adjusted gross income of $25,000 or less for all persons listed as “Member” on the Mutual Ownership Contract.


To be considered for the fee deferral program:

  • Eligible member(s) must submit an application for fee deferral.
  • Applying member(s) must provide requested documentation.


Documentation must be from the current Federal Tax Return(s), if filed.  If no Federal Tax Return was filed in the current year, total gross income may be documented by Social Security statements, pension statements, and/or other sources required by the GHI Director of Finance.  Documentation from all sources of income must be provided.  Submission of false or incomplete documentation will disqualify member from participation in the program.


Interest on the balance deferred will be compounded monthly at the rate of 4.5% through 12/31/2020.  Thereafter, the interest rate will be reset every five years.  Rate will be equal to 1% over the lowest prime interest rate as posted on WSJ at August 31 of the relevant year (i.e., 2020, 2025, 2030, etc). 


The total amount deferred, plus compounded interest, must be paid upon the occurrence of any of the following:

  • The membership is sold or otherwise transferred.
  • The member obtains a recorded loan secured by equity in the unit.
  • Member is found to have submitted false or incomplete documentation.

The total amount of the deferment, plus interest, may also be paid at any time the member wishes to make such payment.