Nassau Gardens Residents Form Nonprofit Housing Cooperative and Purchase Complex-August 17, 1979

Approximately 100 residents gathered at the complex’s outdoor swimming pool for the official kickoff of the subscription sales drive, giving tenants 30 days from receiving their agreement packages to decide whether to transition from rent-paying tenants to cooperative shareholders.

The Nassau Gardens Cooperative Housing Association Inc. directors announced that they signed a $4 million purchase and sales agreement with the U.S. Department of Housing and Urban Development (HUD). HUD had previously taken over the mortgage after a private owner defaulted and lending banks foreclosed, offering Nassau Gardens tenants the first opportunity to buy the 204-unit complex before placing it on the open market. To successfully take title, the cooperative must secure subscription agreements from 80 percent of the units, representing 164 shareholders.

Following discussions, resident directors announced an initial milestone, with Michael Murphy, president of the resident directors, stating, “We only have 163 to go, because one’s been signed.” Roger Willcox, a consultant assisting with the conversion, expressed optimism that reaching the target by September 30 would position the cooperative well to close the deal, noting that deadlines could be extended if participation neared the threshold. Willcox confirmed a secured mortgage interest rate of 9.5 percent, with prospects for a lower 8 percent rate through the Massachusetts Housing Finance Agency, both backed by 40-year federal mortgage insurance.

While the $4 million purchase price and new HUD-mandated rent schedules—raising one-bedroom units from $265 to $310, two-bedrooms to $355, and three-bedrooms to $430—drew mixed reactions and questions from tenants anticipating lower costs, Willcox and directors maintained that the rates remained highly competitive within the Norwood housing market. Willcox emphasized that cooperative ownership would grant residents control over future rate adjustments. Addressing inquiries regarding exit terms, Willcox explained that while cooperative agreements traditionally span three years, withdrawal is typically permitted with 60 days’ notice, with equity recovery dependent on market demand from prospective buyers.

Archival Note: This article has been dynamically reconstructed from the original public record print archives of the Patriot Ledger