There are more than one million units of cooperative housing in the United States today, mostly in major cities. The first co-op was established on West 18th Street in New York City in 1876. They were originally called “Home Clubs” and were created to provide people with the economies of home ownership without all the responsibilities. A cooperative is a corporation that is owned and operated by its members through a one-share, one-vote democratically controlled entity.
What is the cost to buy into Riverside Crossing?
The first cost is to purchase a share of Common Stock. Under Montana law, each Share has a set price. Riverside Crossing has a share price of $50,000 and is issued as a Share Certificate. This share cost provides the basic infrastructure of the the cooperative. Walking paths, sewer and water, streets & sidewalks, street & path lighting, Common House, shared green spaces, community gardens & landscaping, pocket patios with fire-pits, and much more. The share price never changes and when you decide to sell your share the price for the next member will be $50,000.
After purchasing your Share in the cooperative the member then chooses the cottage they want and pays the cost of the cottage. This amount is recorded on the Membership Certificate. This is where the 1% Limited Equity comes in. The member is limited to 1% equity growth per year. This For initial members it is the cost to build the cottage. For subsequent owners