What is a Housing Cooperative?
A housing cooperative is a corporation owned and governed by the people who live there. When you move into a cooperative, you become a member of a community and a shareholder in a corporation. Each member of Independence Square Townhouses has an equal vote in the cooperative corporation, which holds title to the property. A Board of Directors is elected from within the cooperative by the members of the cooperative. The Board establishes standards to keep the community a pleasant place to live, and sets down those standards in the Rules & Regulations.
It’s similar to renting in terms of convenience. You make one payment a month without worrying about insurance, taxes, mortgage payments or maintenance.
It’s like owning a house in many ways. You can deduct from your federal income tax return that portion of your monthly charges that go toward real estate taxes and mortgage interest. What you are able to deduct will depend on your tax situation.
It differs from owning your house in that you are not personally liable for the mortgage and that you do not take care of the maintenance. The Board of Directors sets maintenance standards and retains a professional management firm to supervise the staff. Except for interior redecorating, your home is maintained for you. Complete exterior care includes structural repairs, lawn and shrubbery care, snow and trash removal, and outside painting. Major interior repairs include routine handyman work, maintenance or replacement of plumbing and electrical systems, appliances and any damage not caused by your negligence.
Monthly carrying charges do not exceed the actual cost of owning and maintaining the property. Nothing added for profit.
8:00am – 5:00pm Monday – Friday, closed Saturday & Sunday
The office is closed to observe these holidays:
- New Years Day
- Martin Luther King Day
- President’s Day
- Memorial Day
- Independence Day
- Labor Day
- Thanksgiving & Day after Thanksgiving
- Christmas Eve & Christmas Day