Make your official reservation as a member of The American Cooperative today. By doing so, you will secure your Priority Number. The Priority Number positions you among other members to make home selections in the order your reservation was received by The American Cooperative.
The American Cooperative of Anoka offers residents a cooperative living experience in a community that caters to and complements your evolutionary lifestyle. The details don’t need to be complicated. We’ll prove that here as we explain the benefits of cooperative living and how you can get started today in planning for your future.
WHAT IS COOPERATIVE LIVING?
A housing cooperative, or co-op, is a membership-based form of ownership. Cooperatives combine the accessibility of community living with the fulfillment and financial benefits of owning a home. Think of it as the satisfaction of owning without the worry of maintenance.
Retained and controlled by its member residents, The American Cooperative partners with the U.S. Department of Housing and Urban Development (HUD) as a limited equity cooperative. As such, members earn a fixed increase on their share of the investment for each year of occupancy. At The American Cooperative, your share price appreciates 3 percent each year until you sell.
Financing for the co-op is secured through a HUD-insured master mortgage. Rather than holding individual contracts, members pay a monthly fee for overhead, taxes, and the master mortgage to cover their proportionate share of expenses. Fees are determined based on retained square footage.
Decisions for the cooperative are made by a member-elected Board of Directors. This allows residents to have control over and responsibility in the overall operation of the co-op, including managerial activities, budgets, regulations, and more.
ADVANTAGES OF COOPERATIVE LIVING
Members of a cooperative living community enjoy advantages that can be financial, social, or simply convenient in nature.
Maybe you’re looking to build equity with a home of your own, but the idea of yardwork and general maintenance has you thinking otherwise. Co-ops are a great alternative, offering the tax benefits of home ownership without the hassle of residential upkeep. As a member, you are granted the same tax deductions available to homeowners, which includes real estate taxes.
Additionally, cooperatives present opportunities for their members to build relationships within the community. This neighborhood-like environment lends itself to establishing friendships and sharing common interests, which helps bolster camaraderie.
GET STARTED TODAY
If homeownership and the friendliness of community interest you but home maintenance does not, then cooperative living may be the perfect solution. The American Cooperative offers floor plans, features, and amenities to enhance your dynamic lifestyle. Contact us today with any questions or to complete a Reservation Agreement and obtain your priority number.
Monday - Friday 9:00 am - 3:00 pm, or by appointment
More Club Info
Thank you for your interest in The American Cooperative of Anoka, a senior cooperative designed for member-residents 62+.
Whether you have attended a past meeting or have only recently heard about us, The American Cooperative Informational Video will provide you with an excellent knowledge base. It will introduce you to who we are, including information about our developer, partners, location, cooperative living, financial basics, construction details, and home plans.
We are confident you will want to know more and even become a part of The American Cooperative after watching. If you have questions or want to find out how to join our Reservation List, please call or email Denise Heuton in the Sales Office.
Now, we invite you to grab your favorite beverage and snack, and from the comfort of your home learn more about The American Cooperative of Anoka. Video running time is approximately 40 minutes.
Thank you for watching!
What is a cooperative community?
Housing cooperatives are a distinctive form of ownership that are membership-based. They combine the pride and benefits of home ownership with the convenience and cost-efficiency of community living. As a non-profit, The American Cooperative is owned and controlled by its Members (residents), which protects the cooperative’s long-term property value and affordability.
The American Cooperative is a limited equity cooperative partnering with the U.S. Department of Housing and Urban Development (HUD) to secure the financing of the cooperative through a master mortgage. This is the cooperative’s guarantee the project will be financed. In addition, The American Cooperative works closely with HUD to ensure the completion of the cooperative.
As a Member, you are issued a share in the cooperative which gives you the voting rights to elect the cooperative’s Board of Directors. Each home represents one voting share. While the cooperative holds the title to the property, members have an exclusive right to occupy their home through their ownership in the cooperative.
How do I begin the process of joining The American Cooperative?
The first step is to complete a Reservation Agreement to receive your priority number. Priority numbers are issued on a first-come, first-served basis. Upon executing the Reservation Agreement, a 100% refundable $500 deposit is required. This deposit will be held in an escrow account and is cancelable at any time by either party. Visit The American Cooperative sales office at 2800 Greenhaven Road, Anoka, MN 55303 to secure your priority number. The sales office is located in the Clubhouse of the Green Haven Golf Course.
What are your sales office hours?
The American Cooperative sales office is located in the Clubhouse of the Green Haven Golf Course at 2800 Greenhaven Road, Anoka, MN 55303.
Sales office hours are Monday-Friday, 9 am to 3 pm, or by appointment. Call 763-225-1000 to make an appointment.
How much does it cost to purchase a membership in The American Cooperative?
There are two primary costs associated with your membership, the Share Price and the Monthly Fee. The Share Price, which is your equity in the cooperative, is based on your Home Plan selection. The Share Price is required to be paid when the Subscription Agreement is executed. In addition, Members pay a Monthly Fee to the cooperative. The Monthly Fee primarily consists of your portion of the master mortgage payment, required mortgage reserves, real estate taxes, operating expenses, insurance for the cooperative, utility costs (excluding electricity and telephone), and professional management fees.
Visit The American Cooperative sales office for Home Pricing and Monthly Fees.
Does my share value appreciate?
Your initial Share Price appreciates 3% per year until you sell. This amount compounds annually. A $750 fee is charged by the cooperative for marketing and selling your home.
What are the tax benefits of a cooperative?
The benefits are identical to those you enjoy in your single-family home. Generally, real estate taxes and mortgage interest are fully tax-deductible. However, please consult your tax advisor to better understand the specific benefits to you.
Can I customize my home?
Absolutely. While we believe The American Cooperative homes are beautifully designed with wonderful amenities, we realize you will want to make your home your own.
Who is developing and managing The American Cooperative?
The American Cooperative is being developed and marketed by Gramercy Development Companies and managed by Ebenezer Management Services.
News & Events
Virtual ZOOM Informational Meetings
Learn more about The American Cooperative of Anoka from the comfort of your home! read more
Sales Begin At The American Cooperative of Anoka
Sales underway. Moving towards groundbreaking. read more
DECEMBER 11 Informational Meetings at Greenhaven Golf Course Clubhouse
Learn more about The American Cooperative of Anoka!
Fri, Dec 11 meeting is at 10:00am. RSVP required. read more
Golf course senior living coming to Anoka
July 31, 2019 – Anoka’s longtime plan for a golf course community is coming to fruition. read more
Discover the Cooperative Living Experience
The American Cooperative of Anoka offers residents a cooperative living experience in a community that caters to and complements your evolutionary lifestyle. The details don’t need to be complicated. We’ll prove that here as we explain the benefits of cooperative living and how you can get started today in planning for your future. WHAT IS COOPERATIVE LIVING? A housing cooperative, or co-op, is a membership-based form of ownership. Cooperatives [More]