About Park North
Frequently Asked Questions about Park North Cooperative, Inc.
Park North is a community, owned and operated by the people who live there. These questions and answers explain how it works.
What is a housing cooperative?
A cooperative is a business owned by the people who used it. You may belong to other cooperatives, such as a credit union or mutual insurance company.
Each member of Park North has an equal vote in the cooperative corporation which holds title to the property. A Board of Directors is elected by and from the residents. The Board established standards are to keep the community a pleasant place in which to live.
Is it like renting?
Yes, in terms of convenience. You make one payment a month-easy as rent- without worrying about, insurance, taxes, mortgage payments or maintenance.
Is it like owning a house?
Yes, in many ways. An individual owner has to be a handyman, and has to foot the bill for repairs, but at Park North your home is taken care of for you, except for redecorating.
It’s expensive and time-consuming to sell an individual house, if you can find a buyer. Broker’s fees and other costs often run 10 percent of the sale price. At Park North, you give as much notice as possible if you want to move and a modest resale charge is all you pay.
Who maintains the property?
The Board of Directors set maintenance standards and retains a professional property management firm to supervise the staff. Except for interior redecorating to your own taste, your home is maintained for you.
Complete exterior care includes structural repairs, lawn and shrubbery care, snow and trash removal and outside planting. Major interior repairs include routine handyman work, maintenance of plumbing and electrical systems, and structural repairs and replacements. Appliance repair, maintenance, and replacement – for all appliances furnished with your home.
Who owns the clubroom?
The Park North Clubroom is owned exclusively by the residents of the development for use by them and their guests.
Every member is automatically entitled to the use of all facilities in accordance with cooperative rules.
Benefits of cooperative living: not for profit operation
Monthly charges do not exceed the actual cost of owning and maintaining the property. There is nothing added for profit. Members derive all benefits as owners of the housing cooperative.
How to join/become a member
You may fill out an application at the cooperative office to subscribe for a membership in Park North. Each applicant must be approved by the standards established by the Board of Directors and must meet income and credit requirements. As a basic principle, cooperatives are open to all qualified applicants with restrictions. A cash investment buys your membership in the cooperative, and is returned when you sell your membership and the new member moves in.
Your Park North Homes Costs Less
Each penny in your monthly payment is carefully allocated to provide the finest housing at the lowest possible cost-all on a not for profit basis. Your monthly payment covers all costs.
Member selection policy available upon request.