Advantages of Co-Op Living

We are pleased that you have taken an interest in our community. People are often confused with a “rental multifamily complex”, therefore we have provided this basic view of: “what is cooperative housing and advantages of cooperative housing”. We hope this information will be helpful in your decision to become a member of our housing cooperative.

WHAT IS A HOUSING COOPERATIVE?

A surprisingly large number of people who join housing cooperatives are only vaguely aware that joining a co-op is much different from renting an apartment, for co-ops do resemble multifamily rental complexes. Co-ops are owned collectively by their members. Members are not tenants; they are joint owners of their own housing developments. They are their own landlords.

Housing cooperatives are established as non-profit corporations whose specific purpose is to provide housing for their members, who are stockholders in the co-op. Buying a share, entitles the purchaser to hold a proprietary lease/occupancy agreement. This agreement gives the purchaser the exclusive right to occupy a dwelling unit in the development and to participate as a member in the operation of the co-op. Monthly payments are called carrying charges, they are not “rent”. Residents are called members , not tenants. Co-op housing is a unique form of joint ownership of multifamily housing developments by the people who live in them. Members do receive tax benefits because their portion of interest and real estate taxes are deductible.

ADVANTAGES OF CO-OP LIVING

Housing cooperatives provide their members with many of the advantages of home ownership. Like home owners, co-op members have the peace of mind of long term tenure, as long as they pay their carrying charges on time and abide by terms of the agreements. Co-op members, because they are owners, typically feel pride in their homes, more responsibility and a great sense of community.

Co-op housing offers its members the opportunity to help determine the kind of community they will live in, the quality of services it will provide, and the way it will develop.