What is the Cooperative and who owns it? We are a not-for-profit corporation owned and operated by its members. Each member purchases an equity share and contributes to the maintenance and management of the grounds, housing, and common areas. It’s joint community ownership with the benefits of home ownership minus the maintenance.
How does it Work? The Village Cooperative of Sioux Falls members buy an ownership equity share called a membership certificate, allowing them to occupy a specific home. The share’s value increases over time. As members we enjoy a simpler lifestyle with plenty of social interaction in a community of like-minded peers. Our members share talents and experiences for the enjoyment and enrichment of the community. Interests, hobbies, and independent group activities include:
- Hobbies and Crafts
- Woodworking
- Gardening
- Exercise
- Choir and Sing-alongs
- Cards and Games
- Music, Arts and Library
- Excursions and Community Activities
- Speakers and programs (including OLLI classes)
- Birthday and other community celebrations
What are the costs of buying into the VCSF? There are two primary costs: the equity share purchase and the monthly fee. The equity share’s cost depends on home size and location. The monthly fee covers operating expenses, maintenance, insurance, and more.
What are the closing costs? There are no closing costs. You pay only your share price at closing.
What happens when I want to sell my equity share? Notify the co-op, which facilitates the resale process. No complex real estate sales process or commissions involved.
What are the benefits of cooperative ownership? Equity value increases over time, members can deduct their portion of property taxes and mortgage interest on taxes, democratic self-governance, and a strong sense of community and pride.
How is a senior cooperative different from a condominium? Cooperative members own the entire community, enjoy maintenance-free living, have shared financing, similar tax benefits, and a strong community spirit. Condo owners own individual units, arrange their own financing, and face more complex resale processes.
How does owning in a cooperative compare to renting? Lower monthly costs, tax deductions, predictable home equity growth, limited liability, community building, stability, security, and democratic member control distinguish cooperative ownership from renting.
Do you have a waiting list? Yes, we maintain a waiting list of prospective members. The future members on the list are contacted each time a membership becomes available for resale.
Are there special requirements for membership? One member must meet the over 62 age requirement, and members must be capable of an independent lifestyle and meet specific financial criteria.
What tax benefits are available to me? Members can deduct their share of mortgage interest and real estate taxes on state and federal tax returns, and they have rights to exemption from capital gains taxation.
What type of laundry facilities do you have? Each home has its own separate laundry room with a washer and dryer.
Do you have accommodations for guests? Yes, members can reserve a guest suite for friends and family.
Do you have accommodations for larger gatherings? Yes, a spacious community area with a kitchen is available for larger gatherings at no cost. There’s also a Club Room which is ideal for smaller gatherings.
What are the parking facilities? One parking space per home is provided in the underground parking garage. Surface parking is also available for a second car.
Do you allow pets? Yes, small pets are allowed in accordance with our guidelines.
