Cooperative Senior Living in the Minneapolis Area
The Rewards of Community Ownership
A New, Affordable Choice
In a cooperative community, you get the pride of home ownership with the convenience of community living. Co-op members are in effect their own landlords, each owning a share of the non-profit corporation of the cooperative, enabling the community to be operated at a very affordable cost. It’s an attractive option for those who want to enjoy the benefits of maintenance-free living and an active lifestyle.
An Outstanding Life Together
Cooperatives are full-fledged communities, enabling you to form bonds and friendships as you wish. You have the option to participate in activities and programs and are encouraged to utilize your talents to benefit the co-op and participate in community decisions. Common areas, such as fitness rooms, libraries, and great rooms, are ideal places to meet and socialize with new neighbors.
Frequently Asked Questions
Co-op members share everything equally – ownership of the entire property and grounds, the master mortgage, and voting rights. For condo owners, their ownership is limited to their unit and share of common areas. They must arrange their own mortgage financing. Taxes are by unit and voting rights can vary by unit size.
There are two primary costs: the share cost and monthly payment. The share cost is a one-time down payment that purchases a share in the non-profit cooperative corporation. We offer multiple tiered pricing options, representing levels of equity. The share cost is a percentage of the value of the home (Initial Dwelling Unit Value), and percentages differ depending on the community. The higher percentage you pay in equity, the lower your monthly cost.
The monthly payment includes mortgage principal and interest, real estate taxes, operating expenses, lender-required reserves, as well as interior and exterior maintenance, sewer, water, gas, trash, and recycling. It also covers liability insurance, legal, accounting, and professional management. Fees vary by size of floor plan. Members pay for their own phone and electricity, although most communities now include phone, internet, and cable in monthly fees.
Residents are allowed to have pets in their homes, following a few guidelines specific to each community. Typically, you may bring up to two pets (dogs or cats), each weighing 25 lbs. or less. Ask a community’s property manager for more details. As for smoking, all Applewood Pointe communities are smoke-free in buildings and on the grounds.
Cooperative Living Information
Learn what a co-op is, how it compares to a condo and expenses for your current home.
Senior Housing, Inc.
This online guide is a directory of resources, listings of homes/care options and topics of interest for seniors and caregivers.
Senior Cooperative Foundation
The foundation supports the development of and best practices for senior cooperative housing with a variety of services, education and operating programs.
These resources represent only a few of the resources that may be helpful to you and your loved ones. There are many options available and each resource should be thoroughly researched to ensure that they meet your individual needs and are appropriately qualified to assist you.