Possibly other utilities, including heat and electricityĪ fund reserve helps the co-op to afford replacements and repairs in the future.Lawn care, landscaping, and snow removal.The rest of your monthly fee often goes toward: Most often it’s insured by the Office of Housing and Urban Development (HUD) on a 40-year note at a competitive interest rate. Part of the monthly fee covers your share of the principal and interest for the master mortgage.

Think of the monthly fee as rent, community, and maintenance fees. Think of your share cost as a down payment on the unit where you’ll live. Your stock is prorated in value based on the size (square footage) of your home or apartment.īecoming a resident and shareholder requires two costs: a one-time share cost and a monthly fee. Those living in the community buy stock in the corporation and become shareholders. Residents own the building and land collectively with the other residents.

Senior co-ops operate a little differently than other types of senior living.Ī senior cooperative housing community is a nonprofit corporation. How Does Senior Cooperative Housing Work?

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