Seniors over age 55 have a wide range of housing options, including: single family residences, townhomes, condominiums and apartments. One housing option many people are not familiar with is a senior housing cooperative. According to seniorcoops.org, there are more than 140 senior cooperatives in the United States, with new buildings opening seemingly every month. The majority of senior cooperatives are located in Minnesota, but the concept is spreading to other states, including Colorado, Iowa, and Wisconsin, as well as Kansas and Missouri.
What exactly is a senior housing cooperative?
A senior housing cooperative is a member-owned, member-governed collective living community. Each member purchases a share in the cooperative corporation which allows the owner to live in a specific unit in the cooperative building.
Below are a few features that differentiate a cooperative from other types of senior housing:
Living in a cooperative eliminates the time-consuming tasks of home maintenance, yard work and snow removal. This provides members the freedom to pursue other interests. Members of a cooperative can be as social or private as they wish. Each cooperative is unique, but they commonly include amenities like: community gardens, workshops and libraries, as well as game and fitness rooms.
Senior cooperative living offers an alternative to more traditional housing options and may be a great fit for individuals and couples over age 55.
For additional considerations, please reach out to the Assurance Solutions Team at Mahoney.
10 River Park Plaza, Suite 800
Saint Paul, MN 55107
(651) 227.6695
Fax: (651) 227.9796
info@mahoneycpa.com
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