FAQ

What is cooperative living?

Senior housing cooperatives provide an alternative lifestyle to home ownership.

Cooperatives create a well-designed, socially supportive, affordable environment for members. A share is purchased into the cooperative and the member pays a monthly fee. Each share has a vote in business of the cooperative and the election of a Board of Directors that gives the direction to the operation of the Cooperative.

Cooperative members are in effect their own landlords, enabling the cooperative to be affordable. Cooperative living offers maintenance-free living, security, social life, and a role in community affairs. It is a resident-owned community. Member engagement is key to the success of the building.

What does it cost to purchase a share in the cooperative?

There are two costs involved. The first is the purchase price of the share in the cooperative. The price of the share is the market value of the unit being sold. The share price is set by the selling member. The second is the monthly fee, which is based on the square footage of the unit.

what is included in the monthly fees?

Monthly fees include heat, water and sewer, trash and recycle, building insurance, building maintenance, professional management, building reserves, and property taxes. The monthly fee also includes phone, internet, and DirecTV!

What are the tax benefits of a cooperative?

Cooperative members have the same tax advantages of home owners. Check with your financial adviser to learn if you can take advantage of the property tax deductions and/or the interest on a share loan (similar to a mortgage). The “Homestead” exemption, if any, often applies.
 

woodbridge amenities

Woodbridge has a beautiful outdoor space. Inside, there is a community room with a kitchen for large group, a library, fitness studio, game room, computer room, and workshop. There is also a guest suite that is available for visiting family or friends. Each unit has a parking stall in the underground garage, which also has a car wash bay.

Units boast unique, open designs with spacious kitchens, large bathrooms, and full-size washer and dryers. Each unit has individual heating and cooling.

community activities

Live the lifestyle you choose. That is the philosophy at Woodbridge. Living in a safe, secure, well-managed environment will allow you to focus on the things that are important to you.

The members work closely with Ebenezer Management Services to develop a vision for the community. Enjoy the fitness studio, monthly birthday parties, holiday celebrations, cards, and other activities throughout the week.
 

why are cooperatives growing in popularity?

Cooperatives are so popular because members enjoy a strong sense of community which enhances their quality of life while maintaining significant control over their lives and environment.

Minnesota is a leader in cooperative housing communities in the United States.

Any other questions?

Complete the contact form or call 763-533-7778.