Here’s where it gets even more interesting. Members topping out can sell their space to any member on any list of any year, even of the same year. Also, all members on a list of any earlier year can sell their “space” to any member on a list of any later year. The seller’s cycle is then ended and their AACF is refunded. This is especially beneficial should members close to topping out fall onto hard times and have a urgent need for cash—or should they suddenly come into some big money (such as an inheritance) and no longer need the Club’s home-purchasing services. Also, a buyer low on the list who comes into some good money may reap an economic advantage in paying a few grand to a higher-listed member rather than remaining in their existing financial situation regarding their current residence.
Only a member topping out can sell his/her exact space because the top is the top, period. However, this isn’t true for members who haven’t topped out. In actuality, these sellers aren’t selling exact spaces. What they’re really selling is the member’s right to move onto a list of an earlier year. The buying member’s exact space will be determined according to his/her class and payment ratios.
There is one “catch” to buying an earlier-year space. Along with paying the seller, the buyer must also pay a retro RCF per quantity of years they jump ahead on the list. A member with an RCF of $300 jumping from 2010 to 2008 must pay at least $600.
Once a member buys a space, said buyer forfeits his/her space-selling privileges. This will prevent a logjam of sellers and keep the home-buying process moving—because the purpose of the Club really is to put people into housing on an affordable basis.
A computer interface will allow HAC members to make/withdraw payments and thereby move up/down the list and/or from class to class accordingly—as members may withdraw funds paid in excess of their RACF, or they may withdraw all or some of their HACIF, if it’s needed for other things. Therefore, all members must have access to the Internet. (For lower-income members, public facilities can help.)