What is Cooperative Living


A senior cooperative combines the advantages of private home ownership with the conveniences of community living. At Cardinal Pointe of Maplewood, each member purchases a share in the common-interest corporation. The people who live in the cooperative are owners and elect their own Board of Directors. The directors hire management to make necessary decisions to keep all things operating and in good condition. Cooperative members pay a fixed monthly fee set by the Board of Directors to cover operating costs. Members remain in control of fees, expenses and the living environment. The purchase of a share in a cooperative and its value remains under the control of the cooperative membership – that’s you.

Our cooperative offers maintenance-free living and open floor plans with the practical benefits of home ownership. Nicely appointed common areas are well-suited for group events and casual gatherings. Social, recreational and volunteer opportunities help create a sense of community. We also have a large selection of amenities that are available for your convenience.

Working with other residents in the community, we learned the concepts of how a co-op works.” – Mary L.

A Wise Investment

As an owner of a cooperative share, you have equity. Your share has value and can be sold. You or your estate can receive money which you invested when the share is sold. Cardinal Pointe of Maplewood is planned as a “limited equity” senior housing cooperative, under a formula prescribed in the by-laws, members shares grow in value at a predetermined limited rate. This keeps the shares affordable and in high demand.

Unlike a single family home or a condominium/townhouse where each buyer must qualify and obtain individual financing from a lender, the cooperative has its own mortgage which is the obligation of the cooperative association, not you as an individual. The mortgage is insured by HUD.

Both state and federal law grants cooperative members the right to be considered homeowners. This gives you, a cooperative member, the right to deduct a proportionate amount of building mortgage interest and the real estate property taxes from your individual tax return.

The fact that you earn 2% interest on your investment is a big plus – that’s more than the banks offer. I think it is a good deal” – Betty K.