What is the Structure of a Cooperative?
A Housing Cooperative is unique and different from living in a house, rental apartment or condominium.
In
a Cooperative you purchase a share in the whole building site (the
corporation) which as a shareholder gives you the right to occupy a unit to
enjoy and personalize as your home.
A
goal of a Cooperative is to provide affordable housing with stable
monthly fees. There are two costs when buying into a Cooperative. The
first is a one time equity share purchase amount based upon the size and
location of your unit. The second is a monthly fee which is a
proportionate share of the annual cost to operate the corporation. The
Village Cooperative is a not-for-profit enterprise. Monthly fees tend
to be stable as they are based on actual operating expenses.
Cooperative living is budget friendly and owner occupied.
Will MY Investment Grow?
The value of your purchased equity share increases on a yearly basis at a
set percentage of 3%. The increase is based on the original share cost of your particular unit.
How Do You Buy and Sell a Cooperative Share?
If
you are selling or buying a share the process is straightforward. The
purchase or selling of a Cooperative share is handled by our in-house
Community Manager. There is a small commission and the paperwork and all details are
handled on-site. To reserve a place on the waitlist there is a nominal fully refundable fee.
How Does a Coop Govern Itself?
Shareholders
vote democratically for a Board of Directors made up of Members of the
Cooperative. The Board ensures the bylaws and other policies are
followed, it controls cost and operation, and interacts with various
Committees. Each Unit has one vote whether there are one or two owners
in the home.
What are the Maintenance Free Benefits?
The
comparative Work Sheet shows all the benefits INCLUDED. It means you
are living maintenance free. Care for your home while you vacation or
are away for months provides great ease of mind.
What are the Social Benefits of Community?
We are increasingly aware of the important health benefits of social contact. Being a part of the Village Cooperative Community
can provide that social component. There is a level of interaction here
that fits whether you enjoy many social interactions with others or few.