Cooperative living combines all the advantages of home ownership with a maintenance-free active social life. No mowing, snow shoveling or repairing the appliances – cooperative living offers more free time and fewer responsibilities.
Shareholders join together to form a not-for-profit cooperative corporation which owns the building and the land. Each member-owner owns a share of the corporation which is run by a volunteer Board of Directors made up of resident peers. Members are entitled to a proprietary lease on their unit for as long as they are shareholders. Each member pays a fixed amount each month that covers basic expenses including maintenance, building insurance, some utilities, and required reserves.