WHAT IS A COOPERATIVE?

Fall at Summerhill 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. Residents are entitled to, in effect, purchase a unit as part of their membership benefits. Members pay a fixed amount each month that covers basic expenses including mortgage, property taxes, insurance, maintenance, lawn care, snow removal, and reserve funds. Summerhill fees also uniquely include all the utilities for two- zoned, individually-controlled air conditioning and heating as well as electricity and basic cable television. In other words, the fees cover everything except telephone and personal HO6 insurance.

Upon joining, members sign an occupancy agreement which specifies in contract form the member's rights and responsibilities and the By-laws and Rules and Regulations under which the Cooperative is governed.


MANAGEMENT

Summerhill Sign A five-member Board of Directors is elected from among the Cooperative membership and sets the governing policy of the Cooperative. The board prepares the budget, approves expenditures, and manages the Association according to the By-Laws of the Cooperative.

At Summerhill, many of the residents serve on committees, or volunteer to assist in planning a wide range of social activities.