Cooperatives

Cooperative housing usually includes an apartment building or buildings.  Instead of buying an individual unit, the residents are a corporation that owns the entire building.  Each shareholder is then entitled to reside in a unit.  As long as the shareholder owns the stock, s/he can live in that unit.
It is typical to have a board of directors with cooperative housing.  This board of directors is usually a bit more powerful than that of a condominium association.  They can limit who is allowed to live in the cooperative housing if there is a sale of stock.  That may make it harder to move from cooperative housing since it potentially can be hard to sell your share.
When living in cooperative housing, the shareholder helps pay for the mortgage, and maintenance of the entire building.  The interest is still tax deductible, just as it would be with owning a condominium.  Also, the shareholder is paying his/her portion for upkeep of the building and maintaining the amenities.
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Park Forest, IL 60466
(708) 747-9600

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Bay City, MI 48706
(989) 684-4500

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South Lyon, MI 48178

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Lansing, MI 48910
(517) 882-4176

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Lansing, MI 48906
(517) 321-1928

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Grandville, MI 49418
(616) 530-9257

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Chicago, IL 60612
( 312) 666-6019

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Lansing, MI
(517) 882-0796

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5937 Haverhill
Lansing, MI 48911
(517) 882-3461

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