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Benefits of Cooperative Living

What is cooperative living? A cooperative is a nonprofit corporation that is owned and operated by its members. Each member purchases a share and contributes to the maintenance and management of the grounds, housing and common areas. It is living with a community of neighbors.

What are the financial obligations when buying into a cooperative? There are two primary costs: (1) the membership cost which is a one time payment that purchases a share in the cooperative and (2) the monthly charge. For Gramercy Park Cooperative of Eagan the monthly charge includes the mortgage payment, real estate taxes, operating expenses, lender required reserves, interior and exterior maintenance, sewer, water, trash pick-up, recycling, cable television, underground heated parking, heat and electricity. The monthly charge and the telephone bill are the only two monthly bills that residents pay.

What are the benefits of cooperative ownership?

	• Like other real estate purchases, the equity value increases with time. Gramercy Park Cooperative of Eagan is a limited-equity cooperative.
	• Members can deduct their individual share of the property taxes and interest on the mortgage on the federal and state income taxes.
	• The cooperative operates on a democratic basis. Members are actively involved in the cooperative governance. The board of directors, comprised of residents and elected by the members, has the fiduciary and operational responsibilities to carry out the functions of the cooperative.
	• Cooperative ownership instills a sense of pride resulting in maintaining the property and participating in civic affairs. Residents know their fellow residents and work together for the overall betterment of the community resulting in a friendly, active community.

ENJOY life in attractive
open common areas,
		in the comfort of your own home
and with a friendly community of neighbors.

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