A housing cooperative is a member owned community, providing all the benefits of home ownership, while eliminating interior and exterior home maintenance. In this community the members elect a board of directors, and participate in the decision making process, with the goal of providing affordable housing costs, where the members pay only the actual operating costs of the cooperative.
When you purchase a share in Summerhill of Maplewood, you are investing in real estate, but just as important a life style that insures you have security, convenience, comfort, a friendly atmosphere and many activities. Cooperative members own a share in the cooperative. Together, the members own 100% of the cooperative, the building, the common areas, and the land on which the building sits. A Share Payment is a one-time payment and is based on the size and type of home you select. You maintain all the advantages of homeownership, such as value appreciation, homestead status, tax-deductible mortgage interest and real estate taxes.
With affordable share prices, stable monthly fees based on actual costs, including interior maintenance, cooperative members discover the real freedom retirement living can provide.