Homestead Cooperative - Grand Marais
Senior Cooperative Housing
219 11th Ave W, Grand Marais, MN, 55604-3207
Distance: 415 Miles
Cooperative housing provides full apartment or townhouse living. Cooperative housing is owned and administered by the people who live there. Members own a share of the project and the right to occupy a unit in the building.
Seniors age 55 and older
2:00pm - 5:00pm, Monday - Thursday
This provider does not offer this service at other locations.
Other Services or resources
This provider does not offer other services or resources at this location.
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BH-7000.8100-300Limited Equity Housing Cooperatives Definition
Apartment or condominium complexes or other housing facilities that are owned and administered collectively by the people who live there. A nonprofit corporation is set up to own and manage a building and the land on which it is located. Cooperative members do not own a particular part of the building and/or land, but own a share of stock in the project and the right to occupy a unit there. New residents are screened and selected by current residents and all pay equal shares of the cost of housing. Some housing cooperatives set aside a certain number of units for low-income people. Lower turnover rates, lower real estate tax assessments (in some local areas), controlled maintenance costs, and resident participation and control are some of the benefits of choosing cooperative homeownership. There are also personal income tax advantages.