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How it
Works
Gramercy Park Duluth members purchase an ownership share
in the Cooperative which entitles the shareholder to
occupy a specific unit. A share increases in value
each year as equity is added, according to the cooperative
by-laws. The original share purchase price, plus
accrued equity less selling expenses are returned to the
member or to the member's heirs upon resale of the
share.
Technical and financial stuff aside, members share their
talents and experiences for the enjoyment and enrichment
of the community. New and lifelong interests and
hobbies are pursued through involvement in a wide
selection of resident-run activities, such as
Advantages
of Cooperative Living
Ownership
Members actually own the cooperative through their share
ownership of the nonprofit cooperative corporation;
there is no equity investor or landlord.
Control
Residents govern the cooperative with assistance from
the managing agent.
Cost of
Operation
Occupancy charges are equal only to the actual cost of
owning and operating the property. In a rental,
rent generally goes up faster than actual costs because
most landlords are in business to make a profit.
Individuality
Initial members were able to customize their dwelling
units, including a choice of floor coverings, cabinet
colors and various structural changes, so each unit is
unique. Opportunities remain to refurbish the
flooring and paint colors in some units prior to move in
at no additional cost when choosing from our standard
options.
Homeowner
Tax Advantages
Mortgage interest and real estate taxes are tax
deductible in a housing cooperative
Overall
Value
Expenses in a cooperative are spread across the entire
membership proportionately, making the cost of living
generally lower than a comparable single-family home.
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