A cooperative is a group of people working together in a joint economic activity that is owned and operated by its members for their mutual benefit. It is a democratic organization whose earnings and assets belong to its members. By becoming an active member of a cooperative, you invest yourself with the power to shape that business. You control the politics and the economics of what is truly your organization.
In a housing cooperative, a housing development is jointly owned by its members. They own membership certificates (equal share of stock) in the corporation, giving them the right to occupy a home and participate in the operations of the corporation. The cooperative housing corporation owns the total property and is a not-for-profit corporation.
Mayflower Townhouse Cooperative is a non-profit, limited equity cooperative with minimum income guidelines. We are not a LOW or LIMITED income cooperative. Cooperatives are properties owned by the members who reside in the cooperative. Each household of Mayflower owns a 1% share of stock in the corporation but they do not own their respective apartments or townhomes. It is a landlord – tenant relationship that is governed by the Occupancy Agreement. Mayflower’s members elect a Board of Directors who govern the corporation.
Mayflower is comprised of 17 buildings and 102 units. There are 24 Manor apartments, 50 Two Bedroom Townhouse with basements and 28 Three Bedroom Townhouse with basements.
The cooperative regularly invests in capital projects to maintain the community and its assets. All 102 homes have their own central air conditioning, forced air furnaces, and hot water tanks. With energy conservation efforts always a big concern, the cooperative has installed glass block windows in the basements of all townhomes and the crawl spaces of all 3 Manor apartment buildings. In addition, most homes have had modern toilets installed that consume as little water as possible. In 2008, Mayflower completed the transition to individual gas meters and substantial renovations were finalized in our Community Building. The Board of Directors actively work towards keeping the cooperative and its assets maintained and are always planning for the future!