Cooperatives FAQ's

• First and foremost a cooperative is a new home, designed to fit your changing lifestyle.
• It is a non profit corporation comprised of the residents/share owners who live at Pullman Place and participate in the decision making process of operating the cooperative. 
• The cooperative is lead by a Board of Directors who are elected from among the members of the cooperative.
• Provides an opportunity for affordable shared ownership and control with others who share that kind of commitment to community.

Housing Cooperatives

• Since 1978 when the first cooperative was built approximately 85 plus cooperatives, designed for seniors, have been completed in nine states.
• Sponsor developers include non-profit, health care providers, for-profit developers, and consumers.
• The "new" concept is popular with a rapidly increasing interest.

How does it work?

The Cooperative Association carries the mortgage to finance the development. The mortgage payments are paid by the Cooperative Association from the Monthly Fee of each resident Share Owner. Both Minnesota State and Federal Law grants cooperative Share Owners the right to be considered homeowners with the ability of homestead for tax purposes. This entitles you to the right to deduct a proportionate amount of the building mortgage interest and homestead real estate property taxes from your individual income tax.

Is an active adult cooperative for you?

Yes, if you would enjoy a carefree, independent lifestyle in a lovely, convenient community offering:

• Maintenance-free living - repairs, maintenance, and replacement of cooperative property both outside as well as inside your residence.
• Socialization with new members and old friends within Pullman Place.
• Smoke-free facility
• Pets welcome
• Priority to other Guardian Angels facilities.     www.ga-er.org