What Is A Cooperative?
The most common form of cooperative housing in this area of the country is a grouping of townhouses ranging in various sizes. There is usually a mix of one, two, or three bedroom units for you to consider, depending upon your family size and composition.
These townhouses are owned by the Cooperative Corporation. Each family who resides in one of the townhouses owns a share (membership) in the Cooperative. Therefore, each member family is an owner of a portion of the whole development. There are no other persons who have an ownership interest in the development besides the people who live there.
The cooperative is run on a non-profit basis.
A Family’s Single Family Home…
The living space in our one bedroom townhouses are all on one floor; our 2 & 3 bedroom townhouses have bedrooms and a full bath upstairs, with living room, dining room, kitchen, and 1/2 bath on the main floor; 2 & 3 bedroom townhouses have full basements. Each of the 2 & 3 bedroom dwellings have a front and rear entrance. Cooperative housing is an alternate form of home ownership. People who live in cooperatives do not rent an apartment, they make an investment in a home.
A Family’s Condominium…
There are many common denominators between a cooperative and a condominium. For example, the maintenance and upkeep. One of the major advantages of a cooperative is that you are not personally indebted for the mortgage on your dwelling unit. If you prefer to use your money to live rather than spending it on mortgage payments that are higher than you prefer and that YOU personally are responsible for, then cooperative housing is a viable alternative for you.
A Family’s Rental Unit…
Why make rental payments (with a built-in profit margin) to a landlord? In a housing cooperative you ‘rent’ from yourself. You elect a Board of Directors to govern, to set rules, and to establish an annual budget. In a housing cooperative, interior decoration of your dwelling unit is left to your discretion and taste. The Cooperative has established very liberal policies regarding decorations and improvements. Have you ever tried to decorate a rental apartment with paneling, wallpaper, or carpeting? With Cooperative living, not only may you decorate, but the substantial improvements you make may be sold to a new member when you move out and sell your membership.
What Is This About A Membership?
Each resident/family owns a share, a membership in the Cooperative Corporation. When one our members decide to move, they put their membership up for sale. A member may secure his or her own purchaser through advertising or other means, or may request the assistance of the Cooperative Office to find a purchaser.
When I Purchase A Membership, Will I Own My Townhouse?
No, not in the same sense that you would own a house. You purchase a share, or membership in the Cooperative. It is not a payment on a particular dwelling. It is a share in the homes of all the members, and in jointly owned community facilities, play areas, parking areas, community house, etc. For this payment you receive a Membership Certificate and you sign an Occupancy Agreement which establishes your right to occupy a specific dwelling unit and spells out the rules you and your neighbors must observe to live together in harmony.
Just What Are The Legal Regulations?
The Cooperative is a non-profit corporation. Your membership entitles you to an equal share in the Cooperative, to private use of your dwelling unit, and to vote in the operation of the corporation. The legal documents involved are available, and copies will be given to you when you apply. They include: Articles of Incorporation, By-Laws, Rules and Regulations, and various Board adopted regulations. The complete financial records and minutes of Board meetings are available.
What Can I Expect In Maintenance Service?
Routine maintenance is provided by the corporation for all things that are “standard equipment” in the dwelling units, including the range, refrigerator, water heater, furnace, and all plumbing and electrical systems. The Cooperative does expect that each member family will take normal care in the upkeep of the dwelling and equipment. All repairs that are not due to normal wear are charged back to the member. This assures each member that they will not personally have to share in the expenses for those other members who may or may not take good care of their dwelling. Each member pays for his or her own neglect or lack of care. The cooperative conducts annual inspections of all dwelling units to assure they remain safe and sound.
Emergency maintenance service is provided 24 hours a day
Exciting Features Inside and Out –
- One, two, and three bedroom townhouses
- Private front entrances on one bedrooms
- Private front and rear entrances on two and three bedrooms
- Kitchen furnished with an electric range and oven, sink with garbage disposal, and refrigerator
- Washer and Dryer Hook-ups
- Private Patio area on two and three bedrooms
- Beautiful yards
- Water, Trash, Sewer, and Basic cable TV provided
- 4 Playgrounds, 2 Basketball Courts, Tennis Court
- Community Clubhouse