What is a housing cooperative?
A housing cooperative is a member owned community. It provides all the benefits of homeownership while eliminating interior and exterior home maintenance. In communities like this, the members elect a Board of Directors and participate in the decision making process. The goal is to provide affordable housing, where the members only pay the actual operating costs of the cooperative. Cooperative ownership allows for the ease of resale, investment return, and the personal tax benefits of homeownership. Cooperative members have a pride of ownership resulting in a deeper interest in maintaining the property. Cooperatives combine the best of both worlds, homeownership with a maintenance-free lifestyle.
More about housing cooperatives can be found at the Senior Cooperative Foundation website.
What will my share be worth when I choose to sell?
Your share will increase in value at a predetermined amount each year. The share's original price, plus annual increases will be returned to you or your estate upon sale to a new member. The "limited equity" model helps to maintain long-term affordability for future members, providing for an easy resale.
What does it cost to purchase a cooperative home?
- Share payments are a one-time payment based on the size and type of home that you select.
- Monthly fees cover the costs of operations which include payment on your share of the mortgage, real estate taxes, maintenance, utilities, property insurance, as well as reserves for long-term repairs and replacements.
To request information regarding a specific cooperative, Contact Us.
What do I own as a member of a cooperative?
As a member, you own a cooperative share that provides you with:
- Ownership interest in the cooperative corporation (represented by a Certificate of Membership).
- An exclusive right to occupy the home you have selected and purchased (represented by an Occupancy Agreement).
Who can live in a Willow Brook cooperative?
At least one owner of each cooperative home must be age 62 or above. All owners must qualify financially for membership by meeting minimum income requirements established by the cooperative. Willow Brook Cooperative Living communities are smoke-free.