Referred to as a "co-op," cooperative housing combines the financial perks of owning a home with the convenience of communal living. Tailored to suit your evolving lifestyle, a cooperative's standout feature is its collective ownership of the property. In this arrangement, a cooperative forms a community of engaged adults who possess an equity share in the entire property through a non-profit Cooperative Corporation. When acquired, this equity share is represented by an official Membership Certificate.
The Cooperative Corporation holds legal ownership of the entire property, encompassing residential units, land, and shared spaces. It assumes responsibilities such as the mortgage, taxes, and other necessary financial commitments to facilitate the functioning and maintenance of the facility. The operation of a cooperative adheres to democratic principles, led by a Board of Directors composed of elected members from the cooperative community. Each equity share grants the right to inhabit one residence and cast one vote during Board elections. This Board oversees and guides cooperative policies, expenses, and operations.
The main distinctions between cooperatives and other housing models lie in their strong dedication to community engagement, influence, and exceptional value. The enduring success of the Cooperative hinges on the members' ability to actively participate in the democratic process and display fiscal responsibility. Collaborative endeavors by individual members towards shared objectives are the foundation of cooperative communities. A notable divergence between cooperative living and alternative senior housing options is the members' mindset. The attitudes of our members mirror a sense of belonging reminiscent of the neighborhoods where they previously resided and raised families.
With the multitude of financial advantages stemming from equity ownership, combined with the amenities, security, and comfort of an exceptional community situated in an outstanding location, we encourage you to consider one of our Cooperatives as your new home, enabling you to embark on the carefree lifestyle you desire.
Upon joining a Cooperative, you'll encounter a delightful blend of individuals, both singles and couples. Those who opt for cooperative living are drawn here by the desire to partake in the vibrant lifestyle and communal activities these communities offer.
Members of our Cooperatives relish an active way of life. As our cooperatives are designed with community at heart, most residents spend as much time engaging beyond their homes as they do within. Embrace this cooperative lifestyle whether you're a working senior or relishing retirement. It's a phase where leisure extends beyond mere TV and card games, opening up opportunities to share moments with family and forge connections with newfound friends.
If the burdens of home maintenance, unexpected repairs, and steep bills are wearing you down or causing financial strain, you'll find solace in the additional time and funds you'll save, allowing you to relish the activities you cherish. Many of our members express their pleasant surprise at the rich social prospects offered by cooperative living—a benefit that endures over time. What's more, it's your time and your call; you have the freedom to choose your level of engagement. Our members value each other's privacy while fostering a supportive neighborly community.
If you prioritize a carefree lifestyle and solid financial standing, relish staying active and mingling with peers, wish to have a say in your community's matters, want to bid farewell to home maintenance and unexpected repair costs, and aspire to fully embrace this special chapter of life in a secure and picturesque environment, then opting to become a member of a Cooperative is the right decision. Just like more than 4,500 fellow Cooperative members, your next step with us will likely be your most rewarding yet!
Yes. Each Village Cooperative community maintains a waiting list. This enables prospective members to indicate the type of home desired and timing for when they wish to be notified of the availability of resale homes. To join the waiting list, you simply complete an application and submit it along with a nominal and refundable deposit.
One member in each home must meet the minimum age restriction, which varies by location (see location page or call for more details). In addition, members must be capable of an independent lifestyle and be able to meet certain financial criteria.
There are two primary costs:
• The equity share purchase. This is an affordable one-time payment that enables members to purchase an equity share in the Cooperative Corporation. The value of your equity share is primarily based on the size of the home and its location and value in the market.
• The monthly fee. This is an affordable monthly fee that includes operating expenses such as interior and exterior maintenance, lawn and landscaping care, snow removal, water and sewer charges, trash removal, fire and liability insurance as well as member services staff, replacement and operating reserves, taxes, the master mortgage and miscellaneous operating costs.
When you want to sell your share, you simply notify the co-op, who facilitates the resale process—whether it be notifying interested current members or parties on the wait list—and return the selling member’s initial share cost plus accrued equity. No elaborate or complicated real estate sales process, transaction or commissions are involved, which is another benefit to members.
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