How It Works

Realife Cooperative of Duluth members purchase an ownership share in the Cooperative which entitles the shareholder to occupy a specific unit. According to the cooperative by-laws, a share increases in value each year as equity is added.  The original share purchase price, plus accrued equity less selling expenses, is returned to the member or to the member’s heirs upon resale of the share.

Advantages of Cooperative Living

Ownership

Members actually own the cooperative through their share ownership of the nonprofit cooperative corporation.

Control

A property management company (Ebenezer Management) runs the day-to-day operations but it’s the member elected Board of Directors and committees that shape how the cooperative is run.  It is not required of the members to participate; however, every member has a voice and individuals taking an active role make our community strong and diverse.

Cost of Operation

Occupancy charges are equal to the actual cost of owning and operating the property. Pricing can differ depending on a variety of factors, including size of home and appreciation since the building opened. Feel free to give us a call, and we’d be happy to share more detailed pricing with you.

Homeowner Tax Advantages

Mortgage interest and real estate taxes are tax-deductible in a housing cooperative.

Overall Value

Expenses in a cooperative are spread across the entire membership proportionately, making the cost of living generally lower than a comparable single-family home.