Cooperatives

A Housing Cooperative

A housing cooperative is a democratically run community that brings us together to enjoy each other socially and economically.

What You Own

The main distinction between a housing co-op and other forms of home ownership is that you are buying a share or a membership in a cooperative housing corporation.

The corporation owns all the real estate. As part of your membership (share holder) you have an exclusive right to live in a specific unit. As part of your membership, you also have a vote in the affairs of the corporation.

Advantage

You maintain all the advantages of home ownership without the maintenance.

Your Share Purchase

After you select a unit, you will actually be purchasing a share in the cooperative based on the value of the unit. The cooperative has an underlying mortgage for the entire property. Each unit is assessed a share of that mortgage based on the square footage of the unit. The purchaser has no lending or closing costs!

Your share also is your opportunity, as an owner, to participate in the governing of the co-op by your vote.

Likewise, each unit is assigned a proportionate part of the budgeted expenses based on the square footage of the unit (see Costs & Fees). These expenses are in your monthly payments.