What is a Cooperative?

Our Cooperative is a not-for-profit, limited equity corporation that is owned and operated by its members.  Each member purchases an equity share and contributes to the maintenance and management of the grounds, housing and common areas in a not-for-profit environment that keeps costs low.  It is living with neighbors of your peers in a jointly owned community with all the benefits of home ownership with none of the maintenance and upkeep.

The Cooperative Corporation holds title to the entire property that incudes dwelling units, land and common areas, and assumes the mortgage, tax and other obligations necessary to finance and operate the facility.  A cooperative is operated on a democratic basis and the governing body is its Board of Directors, which consists of elected members from the co-op community.  Each equity share enables members to occupy one home and receive one vote when electing the Board.  The Board oversees and directs the policies, expenditures and operations of the cooperative.