What is a Cooperative?

A Cooperative is a housing arrangement in which an apartment building or area of land is owned by an organization. The organization sells shares of ownership to individuals; giving them the right to live in one of the Cooperative’s housing units. Any fees and costs associated with running and maintaining the Cooperative are divided among the Cooperative’s members.
 

Benefits of Cooperative Living

  • NO LANDLORD - Residents in a Cooperative do not own their homes. However, they are not renters either. Instead they own a share of the Cooperative, which entitles them to live in one of the Cooperative’s houses or apartments.
  • NO STRESS - The Cooperative entity is responsible for major repairs such as replacing roofs, installing new windows, major leaks, back-ups, snow removal, and lawn maintenance.
  • YOUR VOICE - Cooperative members get the opportunity to vote for the Board of Directors and have input on the policies and activities of the Cooperative.
  • TAX DEDUCTIONS - A portion of the mortgage interest and real estate taxes that a member pays is tax deductible.