What is Cooperative Living?

The easiest way to describe cooperative housing is that it is a membership community where all work together for the common good. This means each resident--or member--plays an active roll in supporting their community, and ultimately, each other.

At Karwick Village, each member of the co-op will have full voting rights into the decisions that affect the community, Members play an active role in the community.. The co-op holds members accountable to follow community agreements and conditions in their resident lease. The co-op also collects rent from resident members and takes care of daily operations.

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Who owns the houses and property?

Homeward Bound retains ownership of the land and structures.

Homeward Bound will receive a monthly payment from the co-op to pay for property insurance, and maintenance on the buildings and to establish reserves for capital improvements such as paving and roof replacement.

Who pays for routine day-to-day maintenance and repairs?

The good news is that the co-op will not have to worry about things like long-term maintenance and repairs such as paving and roof replacement.

More routine repairs will be managed by the co-op itself, such as a leaky faucets, or mowing the grass.

What do you mean by "ownership in the co-op?"

Co-op members pay to purchase a membership share. While membership shares have not been finalized, one example we are looking at is $50 per month for 30 months, for a total ownership share of $1,500. This would be in addition to monthly rent. The tenant member may take this "ownership share' money with them if they decide to leave the co-op, less any repairs to their home beyond normal wear and tear.

What is Cooperative Living?

I have more questions

Who owns the houses and property?

Who pays for routine day-to-day maintenance and repairs?

What do you mean by "ownership in the co-op?"

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