What is a cooperative?

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In this challenging housing market, one thing is clear: cooperatives remain one of the best choices for lower cost, high quality housing.
One of the first housing cooperatives was organized in New York in the late 1800’s and today there are more than one million cooperative homes throughout the United States. Three hundred and ninety of those homes are here in Area J.
A cooperative is a resident-owned property in which each member builds equity. As a member resident, you can declare the interest on your mortgage and real estate taxes as income tax deductions. Most maintenance on your home is included in your monthly payments and you have a real voice in the management of the property, all 47 acres.
Area J is a market rate cooperative, which means we sell and permit re-sales at the full market value of the homes available. In other words, the equity you build when you purchase a home here is yours to keep.
Monthly housing costs average between $550 to $590, including mortgage principal and interest, property taxes, maintenance and management costs and funding reserves. In many cases, only a small percentage of your income will be spent on keeping a roof over your head. A wide variety of floor plans, locations and amenities ensures you’ll find a home that suits your life and your wallet.

 

For more information about housing cooperatives, visit:

 

National Cooperative Business Association
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National Association of Housing Cooperatives
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