What Is Cooperative Living?
Senior housing cooperatives are established for those who are 55+ to provide an alternative lifestyle to home ownership.
Different in nature from a house as this allows you to enjoy more free time! Sell the snow blower and lawn mower – enjoy a heated garage in the winter – and plenty of activities to stay active and connected. You’ll enjoy freedom to do whatever you want to do rather than worry over the house maintenance issues.
Cooperatives are purposeful about creating well-designed, socially supportive, affordable environments that preserve members’ financial resources and enhance their lives at the same time. Be active. Be social. Travel without worries or stay at home and be as busy as you choose.
Use your talents in a cooperative to help make it the best it can be. Your life experience is helpful in serving on a committee, the Board of Directors, or organizing an activity at the Cooperative.
This type of ownership provides an opportunity for members to deduct their portion of the property taxes and mortgage interest on their income tax, while sharing the load of ownership with in a not-for-profit organization controlled by the members themselves.
Gramercy Park of Eagan Participation and Residency Expecations
Members will consider Gramercy Park of Eagan their primary residence. This means they will be residents at Gramercy Park of Eagan the majority of the year. Members will be Minnesota Residents.
We need all members to be active contributors to our community of neighbors. This means members will volunteer for service and participate in the committees’ activities or take on other tasks taking place at Gramercy.
A list of committees and service opportunities are available for review.
Gramercy Park of Eagan Board of Directors. July 2023
Cooperative Living Is Affordable Quality
Purchase one ownership share in the Cooperative; a one-time cost scaled according to the size of home you select (Membership Cost).
Pay a monthly fee, also scaled according to the size of your home, which covers your portion of the cooperative’s mortgage, real estate taxes, building insurance, operating expenses, lender-required reserves, maintenance inside and out, heat, electricity, water, sewer, trash, recycling, cable TV, internet, phone and reserved heated underground parking (Monthly Carrying Charge).
You have a vote! Each shareholder has one vote in the election of the Board of Directors that gives the direction to the operation of the Cooperative.