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- A non-profit corporation is created, which owns the building.
- Purchasing a share in the corporation makes you a member of the corporation and gives you the right to live in a specific cooperative unit.
- The sum of all shares is the building down payment; the balance is financed with a blanket 40-year mortgage insured by the U.S. Department of Housing and Urban Development (HUD), as well as public grants and loans.
- Members pay a pro-rata share of monthly expenses. This is called the carrying cost, and it includes the principal and interest of the blanket mortgage, property taxes and insurance, and maintenance and reserve funds.
- Cooperative members elect a board of directors, which runs the corporation.
Benefits of Cooperative Housing
- Property tax and mortgage interest deduction.
- Resident control—Resident-elected board of directors hire and supervise management, participate in governance, establish budgets, and set operational policies and procedures.
- Operates at cost—Any surpluses after expenses and reserves are returned to members.
- Strong sense of community as a result of joint ownership of the building.
- Long-term affordability.
- Building maintenance is the responsibility of the corporation.
Visit the Northcountry Cooperative Development Fund site for more information about housing cooperatives.