WHAT IS A HOUSING CO-OP?
It is a housing development and a unique community where people live and operate the facility on a non-profit basis.
WHO ACTUALLY OWNS THE PROPERTY AND RUNS THE OPERATIONS?
The resident members do, Hi-Wood Meadows members elect a Board of Directors who administer the business affairs of the Co-op.
WHAT IS MEANT BY “THE MEMBERS OWN THE CO-OP”?
Each member buys the required number of shares to become a member-resident at the Co-op. Collectively, the membership OWNS the Co-op.
DO THESE SHARES GROW IN VALUE OR PAY DIVIDENDS?
Not directly – instead, the members charge themselves a break-even “rent” or housing charge each month. Each member gains by paying for shelter at minimum cost. Interest earned is reinvested in the Co-op to minimize expenses.
WHAT FINANCIAL COMMITMENT MUST ONE MAKE AS A MEMBER?
You are required to make your housing charge (rent) payments PROMPTLY the last day of each month along with any additional charges with which you have (i.e. extra parking).
IS THERE A LEASE TO SIGN?
It is something like a lease. It is called a housing agreement and it is just that, an agreement between yourself and the Co-op outlining certain conditions. It differs from a lease as it does not have to be renewed yearly and the notice to vacate provision is 60 days.