What Is a Housing Cooperative?
Most people in the United States either rent or own their own homes. For those who can afford it, homeownership is an excellent choice for housing. For those who cannot, however, rental housing is the traditional route. But, there is an alternative to both.
A housing cooperative is a corporation that owns the housing development in which its members live. Each month, members pay a carrying charge to cover the operating expenses of the cooperative. Each member owns a share in the non-profit Coop Corporation and each member has an equal vote in choosing the Board of Directors, which makes all policy decisions regarding the operations of the cooperative.
Housing Cooperatives Versus Rentals
There are many advantages to joining a co-op:
- When filing your federal income taxes, members are classified as a homeowner, not a renter.
- There is no landlord. Members control the way the community is run by voting for the Board of Directors. Any member in good standing can run for election to the Board.
- Members pay only the actual cost of running the cooperative. No landlord is making a profit on monthly payments, so charges are very reasonable.
- Members can stay in their homes as long as they wish, providing they do not violate the occupancy agreement.
- Since members share ownership of the property, they also benefit from its equity.
- The burden of general maintenance and major upgrades is shared by all co-op members.
- Less vandalism occurs at a co-op than a rental because the residents are also owners.
- Members enjoy greater mobility since co-op shares are easier to re-sell than homes.
Our Unique Community
Forest Hills Cooperative offers more than shared ownership for members. Our diverse, international community offers a dynamic mix of neighbors of all ages, cultures, and backgrounds. Strolling through our neighborhoods, you'll hear multiple languages and see children of every ethnicity playing together in communal areas. If the weather is nice in the evening, you might just smell delicious, international cuisine, too! Forest Hills gives members a chance to learn more about the world from neighbors who have roots all over the globe.
So what are you waiting for? Come by and see for yourself what makes co-op living at Forest Hills so special! We're conveniently located at 2351 Shadowood Drive, Ann Arbor, MI 48108 in Southeast Ann Arbor. We know you're going to love it here!