Frequently Asked Questions

WHAT IS COOPERATIVE LIVING?

Senior housing cooperatives provide an alternative lifestyle to home ownership.

Cooperatives create a well-designed, socially supportive, affordable environment for members. A share is purchased into the cooperative and the member pays a monthly fee. Each share has a vote in business of the cooperative and the election of a Board of Directors that gives the direction to the operation of the Cooperative.

Cooperative members are in effect their own landlords, enabling the cooperative to be affordable. Cooperative living offers maintenance-free living, security, social life, and a role in community affairs. It is a resident-owned community. Member engagement is key to the success of the building.

WHAT IS THE COST TO PURCHASE A SHARE IN THE COOPERATIVE?

There are two costs involved. The first is the purchase price of the share in the cooperative. The bylaws of the cooperative determined the share transfer value schedule. The second is the monthly member fee, which is based on the square footage of the unit.

WHAT IS INCLUDED IN THE MONTHLY MEMBER FEES?

Monthly fees include gas, water and sewer, trash and recycle, building insurance, building maintenance, lawn care, snow removal, professional management, building reserves, building master mortgage, and property taxes. The monthly member fee also includes phone, internet, and DirecTV!

A garage parking stall is $40.00 a month. Electricity and personal property insurance are not included in the Member Fees.

WHAT ARE THE TAX BENEFITS OF A COOPERATIVE MEMBERSHIP?

Cooperative members have the same tax advantages of home owners. Check with your financial adviser to learn if you can take advantage of the property tax deductions and/or the interest on a share loan (similar to a mortgage). The “Homestead” exemption, if any, often applies.