Distinctive Cooperative Housing for Active Adults  


Housing Director:
Connie Forsman

Office Hours & Phone:
8:30 AM - 4:30 PM
Mon - Thurs
(507) 285-5300

Tours:
Call the office to schedule a visit at your convenience
 

COOPERATIVE HOUSING

Cooperative housing gives you the benefits of home ownership without the maintenance of a single-family home.


What is a housing cooperative?

A housing cooperative is a corporation in which members buy shares. As a shareholder, you are part-owner of the cooperative's building and land, plus your membership entitles you to live in your home in the building.



How are expenses handled?

Members each pay a portion of the cooperative's monthly operating expenses, including maintenance, taxes, principle, interest, and reserves. As a share holder, you play a part in the decision making of the cooperative. Management of the day-to-day operations is overseen by a Board of Directors that is elected by the members of the cooperative.



Why do people buy into a Cooperative?

Cooperatives are quickly becoming a popular new choice for active adults age 55 and above. Some of the reasons include:
  • Worry-free living - all building maintenance and repair is provided by the co-op's management. And, because your home and parking are contained within the cooperative's building, you never have to battle inclement weather. You have the comfort of knowing your home is a secured building.
  • Sense of community - cooperatives offer a community lifestyle for their members through planned social activities and special events.
  • Convenient - Fairway Ridge is located within minutes of downtown Rochester, major shopping malls, and the world-famous Mayo Clinic, as well as recreation facilities such as the Rochester Golf and Country Club.
  • Sound investment - the equity you invest is retained and increases in value.
  • Tax advantages - your share of the mortgage interest and property taxes are deductible.
  • Easy to sell - as soon as your unit is sold, you receive your original investment plus appreciation.



The Senior Cooperative Foundation

For more information about Senior Cooperatives, visit the
image logo for Senior Cooperative Foundation Senior Cooperative Foundation



For more information...

Contact Us by phone
or eMail

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Request More Information
online

We look forward to hearing from you.

 


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