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WHAT IS A COOPERATIVE?
A housing cooperative is a corporation in which members own a share. Members of the cooperative are a part of the corporation, which owns the building, land, and common areas. Members each pay a portion of the cooperative's monthly operating expenses, including: maintenance, utilities, taxes, principle, interest, and reserves. As a shareholder, you play a part in the decision making of the cooperative. Management of the day-to-day operations is overseen by a member-elected board of directors.
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WHAT IS THE COST OF OWNERSHIP IN WILLOW BROOK?
There are two components to the total cost, share price and monthly carrying charges. The cost of a share varies with the size of the unit occupied. Share costs for Willow Brook vary from $35,529 to $66,627 and are a one-time cost. Share costs appreciate and are returned to the unit owner upon re-sale. Monthly carrying charges range from $773 to $1308 and include: mortgage principal and interest, MIP, real estate taxes, one heated underground parking space, gas heat, sewer, water, trash removal, basic cable, professional property management on-site staff and more...
IS ANY OF MY PAYMENT DEDUCTIBLE ON MY TAXES?
Yes. Willow Brook Cooperative homeowners receive the same tax benefits as homeowners. This means you can annually deduct your property taxes, along with any interest you pay on the cooperative mortgage. (Example: Unit C--Monthly Charge=$1,205--Estimated Annual Tax Benefit=$8,676.)
WHAT WILL MY SHARE BE WORTH WHEN I CHOOSE TO SELL?
Willow Brook Cooperative uses a limited equity formula, in which each share increases in value at a secured predetermined rate each year, limiting appreciation to one percent of the share value, compounded annually. This practice is widely used by cooperatives to keep the units affordable over time, therefore building lengthy waiting lists of prospective buyers. To implement the limited equity formula, the cooperative holds the first right to purchase the membership shares from departing members and resell them to prospective buyers on the cooperative's waiting list. If the cooperative does not elect to purchase the share within 60 days, the member may sell his or her home on the open market to anyone who qualifies for membership or elect to continue to have cooperative staff market it for you.
COMMENTS BY OTHER COOPERATIVE MEMBERS ARE:
"Lifestyle. Lifestyle. Lifestyle. There are a lot of wonderful housing options out there, but they don't offer the lifestyle that a cooperative does."
"Getting older is what everyone is doing these days--cooperatives offer a great lifestyle for those 55 and better!"
"I write fewer checks than I did in my previous home--so much is included in one monthly fee."
"I don't know what I would do without my supportive neighbors."
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Willow Brook Cooperative 
