WHAT IS A HOUSING COOPERATIVE?

A housing cooperative is a member owned community, providing all the benefits of home ownership, while eliminating interior and exterior home maintenance. In this community the members elect a Board of Directors, and participate in the decision making process, with the goal of providing affordable housing costs, where the members pay only the actual operating costs of the cooperative. Cooperative ownership allows for the ease of re-sale, investment return, and personal tax benefits. Cooperative members have a pride of ownership resulting in a deeper interest in maintaining the property. Cooperative lifestyle combines the best of renting and the best of owning.

 

WHAT WILL MY SHARE BE WORTH WHEN I CHOOSE TO SELL?

Your share will increase in value at a predetermined amount each year.  The share's original price, plus annual increases will be returned to you or your estate upon sale to a new member.  This "limited equity" model helps to maintain long-term affordability for future members, providing for an easy resale.  
 

WHAT DOES IT COST TO PURCHASE A COOPERATIVE HOME?

• • A Share Payment based on the size and type of home selected will determine individual cost. This is a one-time payment.

• • A Monthly Fee includes the costs of operations, payment on your share of the mortgage, real-estate taxes, maintenance, utilities, insurance, as well as reserves for long term repairs and replacements.

Click here for additional information reqarding senior housing cooperatives.

 

WHAT DO COOPERATIVE MEMBERS HAVE TO SAY?

“All the comforts of home are available here, and there is time to enjoy them, without the challenges of the house and yard.”

“New friends – old time family.”

“I write fewer checks than I did in my previous home – so much is included in one monthly fee.”

“I feel really lucky that we chose to do this when we could do it ourselves and when it was fun, rather than a chore.”