About the PAC

The Pratt-Ashland Cooperative (PAC) was established in 1995 to allow low- to moderate- income families the opportunity of owning their home. We are a 22-unit apartment building located in Rogers Park.

The building is cooperatively owned and we all have our own apartments. Membership in the Pratt-Ashland Co-op is an extremely affordable way to be a home owner: you buy in at a share price ranging from approximately $2,500 - $6,000 and then you pay a monthly housing charge that covers all building maintenance and your portion of the mortgage on the whole building. Combine that with convenient access to CTA red line, Clark bus, Metra, and THE BEACH, and it’s a great setup.

Pratt-Ashland is an affordable limited equity cooperative. The residents collectively have ownership and control building over their building. Intro to Cooperative class available to all new applicants.

GENERAL FEATURES 
Small pets are welcome


Child Friendly and Involved Neighbors

Community Oriented

7% Annual Interest on your Ownership Share


BUILDING FEATURES:
Vintage Building

Community Garden and back yard space

Bike room

Cable Ready and Heat Included
 
Decorative Fireplaces (most units) & Back Porches
 
Hardwood Floor (most units) and plenty of Closet Space
 
Laundry Facilities

Close to Public Transportation, Schools, & Lakefront 

6 Steps to PAC Membership

Becoming a member of the PAC is not difficult, but not a quick process either. We want to be sure that you understand what cooperative housing entails, and that you are a good fit with our community. That is why we have this membership process.

Introductory Class. If you are interested in more information about cooperative housing, you must  attend an Intro to Co-op class. After completion of the class, you will receive a certificate and be placed on the PAC  Wait List


Background and Credit Checks. Our management company will facilitate this check and approve your status for continuing in the application process. The cost for a credit check is $50 (single) and $90 for a family. Every applicant over the age of 18 must complete a background ad credit check.

Board Review. Following steps one and two, the board will meet in order to review the application and approve scheduling the Home visit.

Home Visit from Board. At least two members of the board will visit your current residence. This is a scheduled "surprise visit." You will know generally when they will arrive, but not specifically the date and time.

Interview with Current Membership. This is your interview with current members. We will ask you questions and then circulate your responses to all PAC members who vote on member selection.

Membership Vote. Every unit gets one vote on your membership into the PAC. Most likely if you've made it this far then things are looking good for PAC membership.Congratulations! Completing these steps will make you a PAC member. The only thing left is to determine a move in date and to pay your first membership fee into the community. Welcome to the PAC!

Email the PAC or call the recruitment committee at 847-424-5592.

What is a Co-op?

Housing Cooperatives, or co-ops, are a form of shared home ownership in multi unit buildings. The cooperative is owned by all the members jointly. Members of the cooperative buy a share of ownership that gives them rights to one unit. Share prices vary depending on the size of the unit.

Co-op versus Condo? There are many legal distinctions but the biggest difference is in the financing. A co-op is financed as one property (or association), which allows for lower costs, and members own a share of the association that gives them rights to occupy their individual unit, and one vote concerning cooperative business decisions. In a condo, each unit is owned and financed individually. 

Email the PAC or call the recruitment committee at 847-424-5592.