What Is A Cooperative?
Secure and satisfying independent living for 62+ seniors
COOPERATIVE HOUSING FACTS
Cooperatively owned housing provides a unique form of home ownership. Resident-owners purchase individual shares in the Cooperative and assume responsibility for the operation of the housing development financed by your monthly fee.
- Is a not-for-profit corporation providing housing for its members essentially at cost.
- Has specifically written "Articles of Incorporation" and "By-Laws". The Corporation holds title to the apartment homes, assuming mortgage, taxes and other obligations needed in the financing and operation of the development. This relieves individual members of direct liability for these items.
- Is financed by a Master Mortgage.
- Provides owners with the same tax benefits enjoyed in a single-family home: Deduction of Homestead Real Estate tax Federal and State Income tax deduction on mortgage interest Deduction of Federal and State Property tax.
- It governs through a Board of Directors, elected by shareholders.
- Operating Budget is adopted annually by the Board of Directors, and monthly charges reflect individual members' share of this budget.
Cornerstone Cooperative can be summed up in three words... location - location - location ..."
There are reasons why living at Cornerstone is enjoyable - outside of those found in our building - and they are all close by! ...
I am a person who desires to be alone and enjoy looking out at the wetlands or snowflakes falling. I can close the door and enjoy my unit. If I choose to be social, there are many fun activities to take part in. ...