Frequently Asked Questions About Cooperative Living

How does a housing cooperative work?

Membership in a housing cooperative begins with a one-time payment that purchases a share in the cooperative. The cooperative holds the title to the entire property including the dwelling units, land and common areas and assumes the mortgage, tax and other obligations necessary to finance and operate the facility. Members commit to a monthly charge to cover all expenses related to the operations of the cooperative.

What does the monthly payment go towards?

The monthly payment is used for the mortgage payment, real estate taxes, operating expenses, maintenance, heat, garbage and cable.

Who decides how much the monthly payment will be?

Morehouse Place is operated on a democratic basis, governed by a Board of Directors comprised of and elected by members in the cooperative. This member Board has the fiduciary and operational responsibility to carry out all the functions of the cooperative, including setting the amount of the monthly payments.

What are the benefits of cooperative living?

  • Cooperative living encourages self-reliance and independent living.
  • Cooperative members can deduct their individual share of the mortgage interest and property taxes on their federal and state income taxes.
  • Members and their guests have the privilege to use all common areas throughout the building and grounds.
  • Cooperative members experience a unique sense of community that you will not find in other housing options. Members enjoy a neighborhood of friends that come together with the common goal of a worry-free lifestyle in a beautiful and comfortable setting.
  • The share investment in a cooperative is much lower than other housing options. Members have more options open to them as they do not need to have a large amount of money tied up in their home.

How is maintenance handled?

Members with a maintenance need will call the office or the facility manager. If needed, an outside vendor is called to do the necessary repair work at the owners’ convenience. The invoice for the repair will come to the office. No hassles!

When can I move in?

If you are interested in a different style, we do maintain a short waiting list. Contact the office Monday – Friday from 8:00 a.m. until noon at 507-451-2223 and we will be happy to get you on our list! We’d love to have you join the Morehouse family!