WHAT IS A HOUSING COOPERATIVE
Housing cooperatives are a form of multifamily homeownership. Shareholders or tenants join together to form a not-for-profit cooperative corporation which owns the building in which they live.
Residents buy a share (membership) in a CO-OP, but the Cooperative owns the building, land, and any common areas. Residents are entitled to live in a housing unit as part of their membership benefits. Members pay a fixed amount each month that covers basic expenses, including mortgage, property taxes and more. As owners, members exercise control over their housing situation by electing a board of directors made up of other residents. This varies from a condominium or town home, where residents each own their individual housing units and are responsible for their own mortgage.
Residents buy a share (membership) in a CO-OP, but the Cooperative owns the building, land, and any common areas. Residents are entitled to live in a housing unit as part of their membership benefits. Members pay a fixed amount each month that covers basic expenses, including mortgage, property taxes and more. As owners, members exercise control over their housing situation by electing a board of directors made up of other residents. This varies from a condominium or town home, where residents each own their individual housing units and are responsible for their own mortgage.
ACTIVE INDEPENDENT LIVING
Fortunately for those who are in the 62 and older age group, more and more housing alternatives are becoming available. Where does the Village Cooperative fit in? Contrary to some perceptions, we are not just apartments, we are not a nursing home, and we are not "assisted living". The Village Cooperative of Hutchinson is designed to comfortably accommodate seniors with active and independent lifestyles in a cooperative community. We are governed by our own Board of Directors and we work to operate as efficiently as possible while also considering the concerns of our members.