Boomers Collaborative Foundation Inc. Fact Sheet & LOI to Participate in a Limited-Equity Senior Housing Cooperative

Welcome! Thank you for your interest in Boomers Collaborative Foundation (BCF). We support older adults in co-owning, co-living, and co-creating a secure and fulfilling life in retirement.

BCF is developing a Limited-Equity Housing Cooperative (LEHC) designed specifically for seniors in Austin. The LEHC model ensures long-term affordability, prevents speculative resale, and enables community members to have a voice in governance and daily operations.

Our housing cooperative plans include:

• A mix of 1-bedroom/1-bath, 2-bedroom/2 bath, and likely 4-bedroom/4-bath units
• Shared housing options in some 2/2 and all 4/4 units or larger units for deeper affordability
• Universal design features
• Community-oriented design and amenities
• Co-location with a nonprofit coffeeshop bistro with baker space, a nonprofit makerspace with retail gallery, and other commercial space to serve and socially engage the surrounding neighborhood, not just our seniors

Affordability: Members purchase shares at below-market rates for single occupancy. Members willing to share 2 bedroom/2 bath or larger units can buy in at much greater discounts. (Contact us for share price information.)

Security: Resident ownership and cooperative governance provide greater long-term housing stability

Community: Intentional senior living that fosters connection, creativity, and mutual aid

Stability: Share values remain stable over time with limited appreciation, keeping homes affordable for future generations

Voice: Seniors govern their own community through cooperative decision-making.

Based on current planning assumptions and income limits effective June 1, 2026, this project is intended to serve Austin seniors with annual incomes beginning at approximately $25,000 and extending to no more than 80% of Area Median Income (AMI). For a one-person household, 80% of AMI is currently $74,800. Most applicants are expected to be single-person households, with some two-person households consisting of couples. Actual income limits will depend on household size and will be updated annually when new AMI limits take effect.

BCF has completed model development and market validation and is now moving through community engagement toward formal site selection and predevelopment. Meetings, surveys, Letters of Intent, Provisional Membership Fee deposits, and follow-up conversations will help demonstrate project-specific demand and readiness.

City-owned land within an Austin Equitable Transit-Oriented Development (ETOD), pursued as an Economic Development project, remains our preferred setting. The project may also proceed in another suitable walkable urban village if a workable City-owned ETOD site is not available.

We are working to secure a publicly owned site consistent with the City of Austin's Equitable Transit-Oriented Development (ETOD) initiative and City Council Resolution No. 20241121-076. We are also reaching out to private developers that may have a suitable property ready to go.

Required Fees

For planning purposes and to help demonstrate serious commitment to the project, BCF collects a one-time, fully refundable $100 Provisional Membership Fee from each prospective member. Provisional Members also pay a $10 Monthly Admin Fee to help cover administrative and predevelopment expenses while they remain Provisional Members.

 

Fee Type	Frequency	Refundable?	Tax-Deductible?
Provisional Membership Fee (per person)	One-time	Yes	No
Monthly Admin Fee (per person)	Monthly	No	No

 

Individual Membership

Provisional Membership is individual, not household-based. Couples may submit one joint LOI for planning purposes, but each person seeking Provisional Membership must be listed, must sign, and must pay the required per-person fees.

Safeguarding and Refund of the Provisional Membership Fee

Each $100 Provisional Membership Fee will be deposited into a separate BCF bank account designated solely for refundable Provisional Membership Fees. The funds will be tracked in the prospective member’s name and will not be used for BCF operating or predevelopment expenses.

The fee remains fully refundable upon written request until it is either returned or, after the member qualifies and enters into a formal cooperative membership and share-purchase agreement, credited toward that member’s required share contribution.

Please review BCF’s Provisional Membership Fee Safeguarding and Refund Policy and Procedures for information about requesting and processing a refund.

Activation, Suspension, and Reinstatement

Provisional Membership becomes active only after BCF receives the completed LOI, the prospective member’s refundable Provisional Membership Fee, and the first Monthly Admin Fee payment. Each member controls the recurring Monthly Admin Fee payment through BCF’s website.

The Monthly Admin Fee is required to maintain active Provisional Membership. If recurring payments stop, the membership will be suspended. The member may reinstate by restarting recurring payments and making a one-time catch-up payment equal to the Monthly Admin Fees missed during the suspension, with no late fee or penalty.

BCF is not required to continue holding a place in the provisional membership pool for a suspended member when another prospective member is ready to participate. After giving the suspended member 10 business days’ written notice and an opportunity to reinstate, BCF may close the Provisional Membership, refund the Provisional Membership Fee, and release the place. A suspended member may also withdraw and request a refund at any time.

Project Delay or Cancellation

A project delay does not automatically end Provisional Membership. If BCF determines that the project will not proceed, all Provisional Memberships will end, all Provisional Membership Fees will be refunded, and future Monthly Admin Fee payments will stop.

Important Limitations

Submitting the LOI and paying the required fees confirms intent only. It does not guarantee placement, income eligibility, share-purchase eligibility, financing, a particular unit, or future housing.

We invite you to complete the Following Provisional Membership LOI. This nonbinding document:

• Signals your serious interest
• Provides planning data (household type, equity, income)
• Helps us determine design and pricing strategy
• Strengthens our case for public land and funding

Important: Submitting an LOI and fee does not guarantee future housing. All members must meet income requirements and complete a formal intake process before share purchase.

Statement of Intent

By completing and signing this nonbinding Letter of Intent, I/we express my/our desire to participate in the Boomers Collaborative Foundation Limited-Equity Housing Cooperative. I/we understand that this LOI and the required provisional membership payments reflect serious intent only and do not guarantee placement, income eligibility, share-purchase eligibility, financing, a particular unit, or future housing. Formal income and other eligibility requirements will be determined and verified when sufficient project, financing, and affordability information is available and before I/we enter into a formal cooperative membership and share-purchase agreement.

Please provide approximate financial information to support our planning and funding process. It will remain confidential and only amounts disassociated with names will be shared with members of our planning team.

Requested for grant reporting only; kept confidential.

Couples applying together may complete one LOI. Unrelated individuals must each complete a separate LOI, even when requesting to share a unit.

Before You Sign — How Provisional Membership Works

We want this process to be clear from the beginning. Couples may complete one LOI together for household planning purposes, but Provisional Membership is recorded individually. Each person who wants to be listed as a Provisional Member should be named on this form, sign the LOI, and complete the required per-person payments.

BCF will activate Provisional Membership after receiving the completed LOI, the fully refundable $100 Provisional Membership Fee for each prospective member, and the first $10 Monthly Admin Fee payment or recurring payment authorization for each prospective member.

These payments confirm serious intent and help us plan responsibly, but they do not guarantee placement, income eligibility, share-purchase eligibility, or future housing. Eligibility will be reviewed later through a separate formal intake process tied to affordable housing requirements.

By signing below, each signer confirms that they have read and understand how Provisional Membership works. Each signer also understands that Provisional Membership does not constitute final approval to purchase a cooperative share. Formal income and other eligibility requirements will be determined and verified when sufficient project, financing, and affordability information is available and before the signer enters into a formal cooperative share-purchase agreement. If a signer does not qualify at that time, that signer’s $100 Provisional Membership Fee will be refunded.