Senior Cooperative Housing:
• What is a Senior Housing Cooperative?
Cooperative housing means joint ownership and operation of a housing development by those who live in it. Cooperative members are, in effect, their own landlords, enabling the cooperative community to be built and operated at a very affordable cost. Each member purchases a share in the limited equity corporation. These shares provide the equity to secure a mortgage. These individual shareholding members have equal voting status in electing the cooperative board of directors from their membership.
Cooperative housing combines the advantages and pride of home ownership with convenience of community living. Maintenance-free, secure, with a voice in community affairs, cooperative living represents a new choice for independent, active adults 55 and better.
Located in beautiful Hamilton, Montana, Riverside Crossing will be Montana's first Senior Cooperative. Our Subdivision has been completed along with a new walking trail that meanders beside the railroad tracks with the beautiful Daly Mansion in the background. Preliminary talks with a new developer are underway and we are hoping soon to get our project moving once more.
Contact Paul Travitz at the Council on Aging at 363-5690 for more information