Housing Cooperatives offer a unique type of home ownership. Cooperatives are not considered real property, therefore, when you buy into a cooperative, or commonly referred to as a co-op, you become a shareholder in a corporation that owns the property. As a shareholder, you are entitled to exclusive use of a unit in the community.

Cooperatives are often less expensive than apartments because they operate on a cost basis, collecting only the amount of money needed from each shareholder to operate the property and pay the outstanding bills. Cooperatives are not profit driven like traditional rentals.

Cooperatives are democratically controlled by their members. A board of directors is elected annually to serve, and they set policies and make the necessary decisions required to operate the property. Those individuals elected to serve on the board of directors are accountable to the membership. They hold regular open meetings for the members to have their voices heard in the process.

Legacy has a long and proud history of managing cooperative housing and we are honored to actively participate in both the Midwest Association of Housing Cooperatives (MAHC) and the National Association of Housing Cooperatives(NAHC).