Our Village Cooperative senior housing offer many financial benefits over other senior housing options in MN, WI and IA
The financing is provided by members’ equity (shares) along with a HUD/FHA insured 40-year mortgage. Cooperative members are their own landlords, thereby enabling the Cooperative to be built and operated at an affordable cost. The mortgage program requires the Cooperative to conform to construction and operational standards established by HUD/FHA.
For income tax purposes, members are considered homeowners and are entitled to deduct their proportionate amount of the building’s mortgage interest and real estate taxes on their individual tax returns.
Shares in the Cooperative may be sold based on the original share value plus appreciation returned to the members or their family. Using the “limited-equity” approach, annual appreciation is determined by the formula established in the Cooperative Corporation’s by-laws. This ensures that units remain a great value over time. Experience has demonstrated that as units remain affordable the Cooperative’s waiting list builds, which assures timely re-sale – a direct benefit to the Cooperative members.
The purchase of your share gives you membership in the Cooperative, one share per unit.
Monthly Costs & Mortgage
Your monthly fee is your share of actual operating costs, insurance, mortgage, maintenance, operating and replacement reserves, and real estate taxes, based on the non-profit operation of the entire community.
Contact the nearest senior cooperative today to answer your questions, receive a FREE home vs. cooperative cost analysis and more!