Frequently Asked Questions

The American Cooperative is Rochester's newest 62+ senior cooperative- but what is a co-op? Housing cooperatives are a distinctive form of ownership that are membership-based. They combine the pride and benefits of home ownership with the convenience and cost-efficiency of community living. As a non-profit, The American Cooperative is owned and controlled by its Members (residents), which protects the cooperative’s long-term property value and affordability. The American Cooperative is a limited equity cooperative partnering with the U.S. Department of Housing and Urban Development (HUD) to secure the financing of the cooperative through a master mortgage. This is the cooperative’s guarantee the project will be financed. In addition, The American Cooperative works closely with HUD to ensure the completion of the cooperative. As a Member, you are issued a share in the cooperative which gives you the voting rights to elect the cooperative’s Board of Directors. Each home represents one voting share. While the cooperative holds the title to the property, members have an exclusive right to occupy their home through their ownership in the cooperative.

The American Cooperative is being developed and marketed by Gramercy Development Companies.

Members will elect the first board of directors at the first annual meeting once the building opens. The five Members of the board will serve staggered terms (1 director for 1 year, 2 directors for two years, and 2 directors for three years). An initial board, comprised of members of the development team, will serve until the building is constructed. Do I have to serve on a committee or the board as a cooperative member? Cooperative membership does not require you to participate in committees, meetings or any other activities in the building.

No. Each home represents one vote.

While the cooperative holds the title to the property, Members have an exclusive right to occupy their home and sign an occupancy agreement with the cooperative.

Yes, two dogs or two cats.

No

There are two primary costs associated with your membership, the Share Price and the Monthly Fee. The Share Price, which is your equity in the cooperative, is based on your Home Plan selection. The Share Price is required to be paid when the Subscription Agreement is executed. In addition, Members pay a Monthly Fee to the cooperative. The Monthly Fee primarily consists of your portion of the master mortgage payment, required mortgage reserves, real estate taxes, operating expenses, insurance for the cooperative, utility costs, excluding electric, and professional management fees.

The Share Price at The American Cooperative of Rochester appreciates 4.5% per year until you sell. This amount compounds annually. A $750 fee is charged by the cooperative for marketing and selling your home.

The benefits are identical to those you enjoy in your single-family home. Generally, the real estate taxes and mortgage interest are fully tax deductible. However, please consult your tax advisor to better understand the specific benefits to you.

The American Cooperative is a 62+ limited equity cooperative partnering with the U.S. Department of Housing and Urban Development (HUD) to secure the financing of the cooperative through a master mortgage. At least one member of the household must be at least 62 years old when they move into the building. This is the cooperative’s guarantee the project will be financed. In addition, The American Cooperative works closely with HUD to ensure the completion of the cooperative.

Sometimes, yes. The Monthly Fee includes real estate taxes, utilities, and the salaries of the maintenance technician, building manager and housekeeping staff. These items will increase over time as the cost to provide these services increases. The budget for the building is set by the elected board of directors and overseen by HUD.