Frequently known as a “co-op,” cooperative housing brings together the financial benefits of home ownership and the comfort of living within a community. Designed to adapt to your changing lifestyle, one of the defining aspects of a cooperative is the shared ownership of the property. In this setup, a cooperative is essentially a group of active adults who possess an equity share in the entire community through a not-for-profit Cooperative Corporation, with each equity share represented by an official Membership Certificate upon purchase.
The Cooperative Corporation holds the title to the entire property, encompassing dwelling units, land, and common areas, and takes on the responsibility for the mortgage, taxes, and other financial obligations required for the facility’s operation. Cooperative living operates on democratic principles, with its Board of Directors being the governing body, consisting of elected members from the cooperative community. Each equity share provides the right to occupy a home and cast one vote during Board elections. The Board is responsible for overseeing policies, managing expenses, and directing the operations of the cooperative.
Cooperatives differentiate themselves through their strong emphasis on community, involvement, and shared responsibility. The key to the lasting success of the Village Cooperative lies in the hands-on experience of members engaging in democracy and taking fiscal responsibility. Furthermore, the active participation of individual members in collective goals is what truly builds our community. One of the most significant distinctions between cooperative living and other housing choices for seniors is the camaraderie and sense of belonging that harks back to the neighborhoods where they raised their families.
Cooperative living offers the financial benefits of home ownership alongside amenities, security, and the comfort of residing in a wonderful community in a fantastic location. We welcome you to consider making Village Cooperative your new home. Call us to discuss — no pressure or sales pitch.
