What is a housing cooperative?

A housing cooperative is a member owned community. It provides all the benefits of homeownership while eliminating interior and exterior home maintenance. Housing cooperative members elect a board of directors comprised of cooperative members to manage the community. Through these elections members participate in the community decision making process. Members may also participate by joining committees that report to the board.

Cooperatives combine home ownership with a maintenance-free lifestyle. The goal of a housing cooperative is to provide affordable housing where members pay only the actual operating costs of the cooperative. Willow Brook Cooperative is a not for profit entity. Ownership allows for ease of resale, potential investment return and the personal tax benefits of home ownership. As owners, every member has a sincere interest in maintaining the property.

What will my share be worth when I choose to sell?

In general, the share’s original price, plus potential return on your investment will be returned to you or your estate upon sale to a new member.

What does it cost to purchase a share in a cooperative?

Your share purchase is a one-time payment based on the size and type of unit that you select. To request the price of a specific unit please click on the Contact Us tab found on the Home Page.

What does it cost to live at Willow Brook?

After you purchase your share with a one-time payment, your costs include the monthly charge and your personal expenses. The monthly charge includes each unit’s proportionate share of the operating costs for the entire cooperative including: mortgage principal and interest, the mortgage insurance premium, required reserves (for long-term repairs and replacements), real estate taxes, an underground parking space, gas heat, sewer, water, removal of trash and recyclables, digital cable TV, Wi Fi, professional property management and onsite staff.

Members are personally responsible for their electricity, telephone and the home owner’s insurance premium on their personal property. It is strongly recommended that members purchase insurance specifically written to cover the personal property in their unit. Go to the Cost/Lifestyle Comparison Worksheet link to compare your current living costs to the cost of living at Willow Brook.

What do I own as a member of a cooperative?

As a member, you own a cooperative share that provides you with 1) an ownership interest in the cooperative corporation evidenced by a Certificate of Membership, 2) an exclusive right to occupy the unit you have purchased verified by an Occupancy Agreement and 3) the right to enjoy all the cooperative’s common areas.

Who can live at Willow Brook Cooperative?

At least one member in the unit must be age 62 or above. Members must qualify financially by meeting minimum income requirements established by the cooperative. The Willow Brook Cooperative building and grounds are smoke free.

What is the difference between a condominium and a cooperative?

The key difference is the ownership structure. When you buy a condominium you own the unit and a percentage of the common area. When you buy into a cooperative you purchase a share of the whole property. Members are invested in shared space and have housing security. It’s the best of both worlds, independent living with a community feel.