Is the lifeline of the cooperative, The cooperative depends on each member to keep it alive and flourishing?
You and your fellow members represent different cultures, countries, customs, and languages. Still, one of many things you all have in common is that you have pulled together as one and provided the best possible housing for yourselves!
Cooperative living is a challenge and is not for everyone. It requires hard work, it requires knowing your neighbor, and it requires working.
What is a Cooperative?
A cooperative is a business owned by the people who use it. If you belong to a credit union or mutual insurance company, you’re already participating in a cooperative enterprise.
Cooperative living is enjoyed by more than 500,000 Americans across the United States. Suitable residents have an equal vote in the corporation which holds title to the property. It’s better to live for less money.
Residents elect a Board of Directors. The Board sets standards of excellence to ensure that the community remains a pleasant place to live.
How your money is spent. Each dollar in your monthly payment is carefully allocated to provide the most exemplary housing at the lowest possible cost – all on a nonprofit basis.
As a tenant-stockholder in the cooperative housing corporation, you can deduct your share of its payments for interest and real estate taxes …
– Reprinted from official Internal Revenue Instructions. For details, contact any Internal Revenue Service office. Each year you will receive a statement from the corporation’s accountant stating the tax-deductible percentage to which you are entitled