- About Cooperatives
- About Cumberland
- Membership Info
- Townhouse Styles
Often referred to as a “co-op,” cooperative housing combines the financial advantages of homeownership with the convenience of community living. Designed to fit your changing lifestyle, one of the critical features is joint ownership of the property. A cooperative is a community of active adults who own an equity share-not just a unit-in the entire community through a not-for-profit Cooperative Corporation. Each equity share is an official Membership Certificate upon purchase.
The Cooperative Corporation holds title to the entire property, including dwelling units, land, and common areas. It assumes the mortgage, tax, and other obligations necessary to finance and operate the facility. A cooperative operates on a democratic basis, and the governing body is its Board of Directors, which consists of elected members from the co-op community. The Board oversees the policies, expenditures, and operations of the cooperative. Each equity share enables members to occupy one home and receive one vote while electing the Board.
A solid commitment to community, involvement, control, and great value are the significant differences between cooperatives and other housing types. The Cooperative’s long-term success is the control members experience with our democracy in action and fiscal responsibility. Additionally, participation by individual members toward group goals is what builds cooperative communities.
Probably the most significant difference between life in cooperatives and other housing options is the attitude of the members. The attitudes of our members reflect a sense of belonging that is reminiscent of the neighborhood where they lived and raised their families.
With all the financial benefits of home ownership-along with amenities, security, and comfort of a wonderful community in a fantastic location we hope you’ll make Cumberland your new home and start living the carefree lifestyle you want