Members help set the annual budget and the entire community operates as a not-for-profit.
There are two primary costs involved in a cooperative:
The Share Price is a one-time payment that purchases a share in the cooperative. Your share entitles you to occupy your home within the cooperative. It accumulates equity and is generally more affordable than buying real estate and still has the tax advantages.
Members also pay a monthly Carrying Charge which includes: the mortgage payment, real estate taxes, operating expenses, lender-required reserves, interior & exterior maintenance, sewer, water, trash pick-up, recycling, cable TV, internet and heat. The monthly fee covers everything except your electricity, landline phone and underground heated parking.