Cooperative housing gives you the opportunity to share in owning your dwelling. You, as an individual, do not own the unit you are occupying; instead, you and the other members own the entire assets (property) of the cooperative. Joining the cooperative will allow you to build a limited equity, that is, to establish some value in the property
Lower down payment, much lower closing costs, economies of scale, longer mortgage term all make co-ops more affordable than other ownership housing. Members have no reason to substantially increase monthly charges, unless taxes or operating costs go up, so monthly charges remain reasonable.
For income tax purposes, the co-op member is usually considered a homeowner and, as such, can deduct his or her share of the real estate taxes and mortgage interest paid by the cooperative.
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Members have no personal liability on the co-op mortgage. The cooperative association is responsible for paying off any mortgage loans. This can often make it possible for persons whose income might not qualify them for an individual mortgage to buy a membership in a limited equity co-op.
Through their cooperative association, members can jointly exert influence in order to change tax rates and utility prices and obtain improved services from local governments. The co-op, as consumer advocate, can also join with other organizations.
How your money is spent. Each dollar in your monthly payment is carefully allocated to provide the finest housing at the lowest possible cost -all on a non-profit basis. Your monthly payment covers all expenses and reserve funds and utilities (except electricity). A substantial portion is tax deductible.