What is a Housing Cooperative?
Housing Cooperatives are a form of multifamily home-ownership which are jointly owned and operated by the residents who live there.
- The cooperative itself is its own not for profit corporation
- Equally owned by the residents (“shareholders”)
- Operated through their own resident elected board of directors
To become a member, a “share” is purchased upfront. Share prices are determined by the square footage of the home. Members pay a fixed amount each month which covers basic expenses of operating the community, including their portion of the mortgage, property taxes, water, sewer, trash and more.
Advantages of Realife Cooperative Living?
- Ownership
- Home-ownership Tax Advantages (Mortgage interest and real estate taxes are deductible in a housing cooperative)
- Control (Resident-governed)
- Equity Growth Potential
- Maintenance Free
- Safe and Secure Community