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.