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A housing cooperative is a form of multi-family home ownership. Shareholders join together to form a not-for-profit cooperative that owns the building in which they live.
Residents buy a share (membership) in the co-op, but the cooperative owns the buildings, land, and any common areas. The members buy an equity membership rather than a market or assessed value membership. This means the initial cost is based on the share value of the corporation rather than the market or assessed value of the housing unit. The financial advantage of purchasing equity shares in a cooperative include a modest purchase price and monthly fee. Residents are entitled to, in effect, purchase a unit as part of their membership benefits. Current share prices are from $29,767 - $61,567.
Members pay a fixed amount each month that covers basic expenses including mortgage, mortgage insurance, property taxes, maintenance, lawn care, snow removal, and reserves including a reserve fund set aside to repair and/or replace appliances, fixtures, floor coverings etc. Realife’s monthly fee also includes the individually-controlled heating and basic television. Electricity for the unit including air conditioning, telephone, and personal HO6 insurance are paid directly by the member. Monthly fees are from $569 - $1,134. Homesteaded real estate taxes and the building mortgage interest included in the monthly fee may be deductible on individual state and federal income taxes.
Upon joining, members sign an occupancy agreement which specifies in contract form the member’s rights and responsibilities. Members receive a copy of the Bylaws and a copy of the Member’s Guidebook which contains rules and regulations for community living at Realife Cooperative of Bloomington.
Realife Cooperative of Bloomington is managed by Realife Management Services which has been managing senior housing communities for over thirty years. Realife is dedicated to providing the affordable and quality lifestyle option of cooperative living for individuals and families 62 and older. They provide professional services that assist the Board of Directors with budget/financial reports, communications, maintenance, and sales. Realife provides an in-house Resident Services Manager, an on-site maintenance person as well as a housekeeper for the common areas.
A seven-member Board of Directors is elected from among the Cooperative membership, and sets the governing policies of the Cooperative. The board prepares the budget, approves expenditures, and manages according to the Bylaws of the Cooperative. Residents may choose to serve on a variety of committees according to their interests.
