FAQs Archive - Real Life Cooperative of Phalen Village

Q: How does living in a unit in the Cooperative differ from living in a condo unit?

One of the big differences is that you are not responsible for basic repair and maintenance of your unit. The Cooperative purchases and maintains your appliances, flooring or paint -- unless you have damaged these items. The Cooperative's Property Committee has set standards for those items along with upgrades which you choose and for which you pay the difference. There is also an exception process which has been occasionally desired by a member. Oftentimes, in a condo, even with an association that governs various operations and rules, it is is difficult to feel a community spirit. Group activities are few or nonexistent. In a Cooperative, owner-members collectively own the entire space and set the rules. RLPV is known for its comraderie among members and friendliness to visitors. This is just one ingredient that might make Realife Cooperative of Phalen Village the place for you!

Q: What is a cooperative lifestyle like?

We ask you to participate in some manner in the governance and operation of the Cooperative. Minimally, you attend the annual shareholders meeting and help make careful choices in electing the Board of Directors. These are the people you authorize to make the most formal decisions regarding the Cooperative. We also have committees to become a member of and learn more about the operations of the Cooperative. Plus there are many social activities that benefit from your participation -- casseroles for our potluck suppers, perhaps. Members also help with operational tasks. This helps keep our costs down. For example, you may decide to deliver newspapers from the front door to the individual units on your floor.

Q: What is required to become a member and move in?

You must meet the age requirement of 62 or older. You must pay the shareholder price, i.e., the unit's limited equity, in full and you must meet minimum annual financial requirements. And, of course, you must want to live a coperative lifestyle.

Q: What is a Housing Cooperative?

A housing cooperative is a different style of living than an individual house, condominium or apartment. In a cooperative, you own a share in the entire building. Realife Cooperative of Phalen Village is an independent, not-for-profit corporation. The corporation owns the property, land, each dwelling unit and all common areas. You, along with the other owner-members, are the corporation. You own the entire facility. Although you do not "own" your unit, as you would for a house, as a shareholder in the corporation, you have the exclusive right to occupy it. Because the Cooperative owns your unit, the Cooperative is responsible for repairing and replacing appliances, flooring and paint according to a specified schedule. The Cooperative also pays the bulk of the mortgage on your unit.

Q: What happens to my deposit to join the waitlist?

Your $200 deposit is held in a separate account and is fully refundable at anytime. If you decide you no longer want to be on our waitlist, just let us know and you will receive the full amount back. If you are moved from the waitlist into a unit you chose, then the $200 will be applied to the down payment ($5000-200=$4800).

Q: How about my laundry?

You can do up to three loads at once, on the same floor and wing as your unit. All of the equipment is free to use. The large laundry rooms have folding tables, shelving, and a laundry sink.

Q: What happens if my sink is plugged or my dishwasher stops working?

You place a work order for our handyman to repair or replace the item. The coop owns the appliances and have a schedule of replacement times. You are welcome to upgrade, to add more features, at your own expense, but all coop appliances are chosen for quality and sustainability, e.g. Whirlpool.

Q: What resources do you have for me to entertain my family and friends?

From our private dining room (for 8) to our Great Room, you can reserve a place to host a meal or celebration. If you have overnight guests, our two guest rooms can be reserved for a small nightly fee. Our summer patio has two gas grills and a smoker for your outside barbeques and entertainment.