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 process begins by selecting your home plan and location in the building. Please contact our Sales Office at 763-225-1000 to explore the remaining home options and to receive answers to all of your questions. The American Cooperative of Anoka currently has no homes for sale. The American Cooperative on Lake Phalen in Maplewood is in pre-construction sales. Please call for details.
How do I contact the Sales Office?
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 share 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 electric, 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 at The American Cooperative of Anoka 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, the 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. However, upgrade options become more limited as construction proceeds.
Who is developing and managing The American Cooperative?
The American Cooperative is being developed and marketed by Gramercy Development Companies and will be managed by Ebenezer Management Services.