A Co-op. You get the best of both worlds with cooperative living. It combines worry-free community living without the hassles of private ownership. Your membership allows you to participate in the decision-making process by electing a Board of Directors that represent the community as a whole. Each household in the co-op has one equal vote. An outside professional management firm handles the business affairs of the cooperative.

A reasonable monthly carrying charge covers expenses such as lawn care, trash pick-up, building repairs and street and parking area clearing. Residents are responsible only for their electricity, telephone and cable television (if desired). Cooperative members are encouraged to decorate the inside of their home to their own taste.

As a cooperative member, you have both privileges and responsibilities. Every applicant goes through a screening process including a credit check, criminal check, income verification and rental history. All prospective members are screened equally to ensure only those applicants qualify based on the cooperative membership selection policy. Because of eligibility requirements set by the U.S. Department of Housing and Urban Development (HUD), every adult household member must submit income and asset information and verification.

In a co-op, you have no personal liability because you do not sign a mortgage or bank note. However, because of your membership, you do have an income tax advantage. Though you cannot claim renter’s deduction on your state taxes, you can claim interest and real estate taxes paid by the cooperative. The amount you can claim is based on the amount the cooperative pays each year.

If you decide to move from the cooperative, you only need to give a 60-day notice. The cooperative will purchase your membership or will sell it on your behalf.

For more information, review the Manchester Village Member Selection Policy or call (317) 856-5249.

Worry-free Community Living

Reasonable Monthly Carrying Charge

Eligibility Requirements Set by HUD
(Department of Housing and Urban Developemnt)

Earn Tax Deduction