Frequently Asked Questions
+ How do I Become a Member?
All applicants are screened via credit and criminal reports and must appear before the Admissions Committee for recommendation to the board of directors. Apply now!
+ How Much is Parking?
- Underground heated parking – $120.00 Per Month
- Covered parking structure – $50.00 Per Month
- Perimeter – $30.00 Per Month
- Roof of parking structure – $20.00 Per Month
+ What is Included in the Monthly Carrying Charge?
Monthly carrying charges include heat, water, electric, maintenance fees (24-hour reception/security, etc.), property taxes, and mortgage interest.
+ Tax Deductions
For income tax purposes, the co-op member is usually considered a homeowner and, as such, can deduct his or her share of the real estate taxes and mortgage interest paid by the cooperative.
*Above information provided by: The Midwest Association of Housing Cooperatives
Cooperative housing gives you the opportunity to share in owning your dwelling. You, as an individual, do not own the unit you are occupying; instead, you and the other members own the entire assets (property) of the cooperative. Joining the cooperative will allow you to build a limited equity, that is, to establish some value in the property.
+ What is a Cooperative?
A cooperative is a group of people working together in a joint economic activity that is owned and operated by its members for their mutual benefit.
In a housing cooperative (or co-op), a housing development is jointly operated by its members. They own membership certificates in the corporation, giving them the right to occupy a dwelling unit and participate in the operations of the corporation. The cooperative housing corporation owns the total property. A not-for-profit corporation.
A cooperative is a business controlled by the people who use it. It is a democratic organization whose earnings and assets belong to its members. By patronizing and becoming an active member of a co-op, you invest yourself with the power to shape that business. You control the politics and economics of what is truly your organization.