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The Cooperative Concept

A Cooperative is a business that is owned by the people who use it. As a member you will own one share of this not-for-profit Corporation. As a non-profit organization, we offer far more housing for less money. Cooperative residents have an equal vote in this corporation, which holds title to the property. Residents elect a Board of Directors. The Board sets standards of excellence to assure that the community remains a pleasant and peaceful place in which to live.



What is a Housing Cooperative?
  Cooperative Rental Single Family Condominium
Ownership The residents are shareholders in a corporation that owns the property. Owning a share entitles you to to occupy a unit. Tenants own nothing. On expiration of lease, tenants may be forced vacate. Owners acquire individual title to their dwellings and yard. Unit "airspace" owned by individual, plus an undivided share of common elements.
Monthly Cost Members pay the Co-op for their share of the actual operating cost, building mortgage, and real estate taxes, based on the nonprofit operation of entire community. Tenants pay their rent specified in lease.

Owner must make his or her purchases whatever is needed, often at higher retail costs. Owner makes mortgage and tax payments to lender.

Same as cooperative,except mortgage payments and taxes are paid directly to the lender.
Move-in Cost New members buy their share in the cooperative and also pay their first monthly charge in advance. Usually one months rent is paid as a security deposit, plus the first months rent. Purchaser must buy the property, usually with a mortgage with a down payment of at least 5% and closing costs of 3% or more. Same as single family, plus first month's condo fee and often a "contribution to capital" of 1-2 months fee.
Community Control Co-op resident members elect their board of directors, which decides all policy I matters. The Board usually sets up several committees to help run the community. Renters usually have no voice at all in establishing and maintaining community standards.

Individual owners have no jurisdiction over their neighbors. Condo owners, like cooperatives elect a board of directors.
Community Service Co-ops provide a natural base for service and activity desired by its members. Provided at discretion of landlords. On your own. Condos similar to co-ops, unless limited by state law.
Federal Tax Benefits to Individuals Your share of mortgage interest and real estate taxes are deductible on personal income tax return. No benefit. Mortgage interest and real estate taxes are deductible on personal income tax return. Mortgage interest and real estate taxes are deductible on personal income tax return.