Cooperatives provides you comfortable, High-Quality living at a reasonable cost.

About Cooperatives

What is a co-op and how do they work?

What is a co-op?   
How does co-op housing differ from living in a condominium single-family apartment?   And what does it mean to be part of a housing cooperative? These are good questions – and ones that you’re probably wondering about.

Cooperative housing (also referred to as co-ops for short) is a type of homeownership. In some ways, co-op housing operates similarly to condo living. But at the same time, it’s worth noting that they are not the same – condos being independently owned,   the coop all tenants hold a stake in the building’s housing together.

Co-Op Definition
Cooperative housing can be defined as a building that a corporation jointly owns. When you buy into a co-op, you’re not purchasing a piece of property – instead, you’re buying shares in a nonprofit corporation that allows you to live in residence.

When you buy a condo, you’re typically purchasing the interior contents behind a numbered door – one of many individual units.

Co-op, everyone who lives in the co-op is considered a shareholder. Everyone who resides on-premises enjoys access to common areas. Likewise, they all share in the expenses and responsibility for maintaining the upkeep of the property.

A co-op is governed by a board of directors who will establish rules. And every shareholder also gets to enjoy a say in how the overall building will be run.

As The Cost Of Buying A Single-Family Home Or condominium Soars, Cooperative Housing Is An Affordable Alternative Form Of Ownership For Many People. Cumberland Green Cooperative Provides You Comfortable, High –Quality Living At A Reasonable Cost

How does Co-op housing work?

Although it’s common to think of condos and co-ops as similar, it’s important to remember that they don’t operate identically.

Condo:  
Ownership of an individual unit in the building in which you’ll reside. You hold the deed to the property,  any equity or additional value that accrues in the property. You may also enjoy flexibility when renovating, upgrading, or performing DIY updates to your condo unit.

Coop: 
You’re effectively buying shares in the corporation that owns the overall property with a co-op. While you’re paying for the right to live in a specific building unit, you don’t own this unit outright.

A co-op is a nonprofit organization. 
As a shareholder, you elect a Board of Directors who run the coop. The co-op board is responsible for setting policies and making decisions in the co-op’s best interest. Policies handed down by the board govern life within the co-op in the form of rules. Members of the co-op are prevented from subletting their apartment or require that all new shareholders seeking to buy into the co-op (aka to buy out an existing resident) be preapproved by the board in advance.

All co-op owners share responsibility for the co-op’s mutual financial obligations. Payments cover everyday expenses such as building maintenance and upkeep, renovations or improvements to all areas, including the inside of units,  the mortgages attached to the property and its departments, etc.

Advantages of co-op living

Tax Deduction

Tax Deductions. Equity. Co-ops can provide for the accumulation of individual member equity. For income tax purposes, the co-op member is considered a homeowner and, as such, deducts their share of the real estate taxes and mortgage interest paid by the cooperative.

Co-op Stays Affortable

Living in a Co-op Stays Affordable. Members have no reason to substantially increase monthly charges unless taxes or operating costs go up, so monthly payments remain reasonable.

Afordability

Affordable: Lower down payment, lower closing costs, economies of scale, and longer mortgage terms make co-ops more affordable than other ownership housing.

Limited Liability

Members have no personal liability on the co-op mortgage. The cooperative association is responsible for paying off any mortgage loans.

Consumer Action

Members can jointly exert influence to change tax rates and utility prices and obtain improved services from local governments. As a consumer advocate, I can also join other organizations.

SAVINGS

Co-op members can benefit from economy of scale in co-op operating costs and not-for-profit operations. Also, when there are “transfers,” only the outgoing member’s equity must be financed by the incoming member. Transfers of shares are subject to fewer settlement costs.

Cumberland Green Cooperative

St. Charles IL 

Coop Fest

1 Bedroom

Property overview

Enjoy Hi-End Quality & Comfort

Affordable housing is essential to the vitality of communities in America. Housing Programs allow families and individuals to buy, build, repair, or own safe and affordable homes located in rural America. Eligibility for these loans, loan guarantees, and grants is based on income and varies according to the average median income for each area. 

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