Gramercy Park Cooperative of Rochester
Senior Cooperative Housing
1333 Arthur Ln NW, Rochester, MN, 55901-2092
Distance: 1079 Miles
Cooperative housing provides full apartment or townhouse living. Cooperative housing is owned and administered by the people who live there. Members own a share of the project and the right to occupy a unit in the building.
* Independent living for active seniors near the Mayo Clinic
* Cooperatively owned by residents
Housing Unit Types
- 1 bedroom unit
- 2 bedroom unit
- Private pay
Age 62 or older and must be willing to participate in cooperative.
Members buy a membership share in the co-op, and the cooperative owns the building, land, and common areas.
Members pay a fixed amount monthly for use of their unit and shared areas.
This provider does not offer this service at other locations.
Other Services or resources
This provider does not offer other services or resources at this location.
Taxonomy Terms Used: Clicking a taxonomy term from the list below launches a new search.
BH-7000.5100-330Independent Living Communities/Complexes Definition
Residential facilities, apartments and/or planned communities for older adults, people with disabilities or other populations that are available at market rates and designed to enable those who are eligible to have a form of independent living in a secure environment while sharing common interests and having access to supportive services and a range of activities designed to promote social contact among residents. Occupancy by families with children may be discouraged. Housing varies widely from simple apartments to high rise condominiums to single family detached housing to housing in a congregate setting; and units may be available on a purchase or rental basis. Support usually consists of "convenience services" which may include an on-site activities program, transportation, housekeeping and meals in a communal dining room. Residents who require additional support need to make their own arrangements for personal care, home health care or other in-home services. These facilities generally require no licensing.
BH-7000.8100-300Limited Equity Housing Cooperatives Definition
Apartment or condominium complexes or other housing facilities that are owned and administered collectively by the people who live there. A nonprofit corporation is set up to own and manage a building and the land on which it is located. Cooperative members do not own a particular part of the building and/or land, but own a share of stock in the project and the right to occupy a unit there. New residents are screened and selected by current residents and all pay equal shares of the cost of housing. Some housing cooperatives set aside a certain number of units for low-income people. Lower turnover rates, lower real estate tax assessments (in some local areas), controlled maintenance costs, and resident participation and control are some of the benefits of choosing cooperative homeownership. There are also personal income tax advantages.