Mayflower Townhouses Cooperative

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Members Site

Economic Advantages

Equity

  • Cooperative housing gives you the opportunity to share in owning your dwelling. You, as an individual, do not own the unit you are occupying; instead, you and the other members own the entire assets (property) of the cooperative. Joining the cooperative will allow you to build a limited equity, that is, to establish some value in the propertytownhouse11

Affordable

  • Lower down payment, much lower closing costs, economies of scale, longer mortgage term all make co-ops more affordable than other ownership housing. Members have no reason to substantially increase monthly charges, unless taxes or operating costs go up, so monthly charges remain reasonable.

Tax Deductions

  • For income tax purposes, the co-op member is usually considered a homeowner and, as such, can deduct his or her proportioned share of the real estate taxes and mortgage interest paid by the cooperative.

Limited Liability

  • Members have no personal liability on the co-op mortgage. The cooperative association is responsible for paying off any mortgage loans. This can often make it possible for persons whose income might not qualify them for an individual mortgage to buy a membership in a limited equity co-op.

Consumer Action

  • Through their cooperative association, members can jointly exert influence in order to change tax rates and utility prices and obtain improved services from local governments. The co-op, as consumer advocate, can also join with other organizations.

Savings

  • Co-op members can benefit from economy of scale in co-op operating costs as well as from not-for-profit operation. Also, when there are "transfers", only the outgoing member's equity must be financed by the incoming member. Transfers of shares are subject to fewer settlement costs.
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Mayflower is an Equal Housing Opportunity Cooperative in accordance with the Federal Fair Housing Law. We do not discriminate against any person on the basis of Race, Color, Religion, Sex, Persons with Disability, familial status, or National Origin
See the application page for instructions on how to qualify, what is involved with Member Selection, and a pre-application for Mayflower townhouses Cooperative.

EHO Access