Senior Housing: Why a Cooperative?
Nokomis Square Cooperative, South Minneapolis MN
A housing cooperative is a member owned and operated, financial and lifestyle choice. The cooperative owns the entire property, and you purchase a membership share and have the exclusive right to live in a unit of your choice. Senior living cooperatives have an economic and social structure that encourages independence and cooperation among its members.
Cooperative Overview
Generally, cooperatives offer apartment-style living but with the tax advantages of ownership. Unlike rental property, your share of the mortgage principle and interest, and real estate taxes are deductible. At Nokomis Square Cooperative you make a cash down payment (specific to the unit of your choice.) Your monthly assessment includes your share of the mortgage principle and interest and real estate taxes. Costs related to Cooperative operations including a reserve fund for major repair and replacement are also part of your monthly payment.
Unlike a condominium, onsite maintenance staff repair and replace apartment fixtures and appliances as necessary; complete daily work orders; and maintain all common interior areas and building exterior. A move to Nokomis Square Cooperative means you will never have to call a plumber or electrician again. All cooperative unit appliances are included in a planned replacement program.
Cooperative Advantages:
Ownership – no landlord or outside investors
Control – members share decisions
Cost – based on actual expenditures
Taxes – deductible mortgage interest and real estate taxes
Financial – equity return upon resale
Peace of mind – Maintenance-free living; travel, knowing home is secure
Video – Independent Living – Nokomis Square Cooperative provides exceptional senior apartment-style living in Minneapolis, with financial benefits and an economic and social structure that encourages independence and cooperation among its members.