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.