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Housing Cooperatives

Housing Cooperatives allow families to invest in and benefit from the place they call home. Because each household owns a share in a "cooperative corporation" that in turn owns the property, all resident households-and only resident households-collectively own and manage their property. NCF specializes in the conversion of manufactured housing parks into resident-owned cooperatives.

Housing Cooperative Comparison

Condo ownership. Everyone owns a divided piece of a property-they own only everything inside of their own unit, to the "back of the paint."	Co-op ownership. Everyone owns the property together, and makes decisions about the property based on what they feel is best for the whole community.	Renting. A building owner owns the entire pie, and charges tenants to live there. Tenants own nothing.

The economic and social benefits of cooperative homeownership compare to, and sometimes surpass, conventional single-family homeownership:

Affordability. Since there is no longer a third party building owner profiting from the property housing cooperatives are often more affordable than rental housing. Furthermore, buying a share in a co-op is usually less expensive than buying a conventional home, and closing costs and down payments are generally much lower. Long-term, fixed-rate mortgage financing, operations at-cost, and group-purchasing can make co-ops even more affordable for families.

Wealth Creation. Co-op owners enjoy all the benefits of conventional homeownership, including mortgage interest deductions, favorable property tax treatment, and homestead tax treatment-all of which build financial assets for individuals and stabilize the community as a whole.

Skill-building. By serving on a co-op board or committee, volunteering for co-op activities, or attending membership meetings, resident-owners build valuable skills-such as financial management, critical thinking, and conflict resolution-that can help them land a job or achieve a promotion.

Pride in Ownership. Co-op owners feel a sense of pride in and responsibility for their property and the surrounding neighborhood. Public spaces tend to be well cared for in neighborhoods with housing co-ops.

Personal Safety. Co-op owners tend to know their neighbors. Co-ops create a social network that can increase independence for senior citizens, broaden available child care options for parents, and decrease crime rates.

Civic Participation. Co-op owners have greater control of their own destiny by democratically controlling monthly housing charges, building improvements and repairs, and other projects. Since they are comfortable with democratic processes, Co-op owners are also more likely to vote in local elections, serve on local committees, and participate in other activities that benefit the community at large.

This institution is an Equal Opportunity provider. Discrimination is prohibited by Federal law.

Copyright © Northcountry Cooperative Development Fund
219 Main Street SE, Suite 500, Minneapolis, MN 55414
Office Phone: (612) 331-9103; fax: (612) 331-9145; general e-mail: info@ncdf.coop