Boston Towne Houses Cooperative, Inc. was established in 1964 as a low-income housing community operated under HUD. Boston’s HUD mortgage was paid off in 2004 and it is now a market rate cooperative without any restrictions on sale price.
A housing cooperative is a legal corporation. Members of the cooperative live in and run the cooperative community. The cooperative owns the land, the buildings, and any common areas. Members buy shares in the cooperative entitling them to live in a specific unit. Share loans are an available option for people interested in purchasing a unit.
Boston Towne Houses Cooperative, Inc. is a Michigan not-for-profit business, and must be operated accordingly. A Membership Certificate represents one share of stock in the Corporation and is bought and sold like other stock with one difference. The difference is the outgoing member sells the membership certificate to the incoming member. The Certificate of Stock (Membership Certificate) entitles you as the member to live within a specific unit. The Membership Certificate transfers to the incoming member upon the sale of the unit. The Cooperative transfers the certificate from the outgoing member to the incoming member for the $300.00 resale fee.
You as a member own one share of stock in Boston Towne Houses Cooperative, Inc. and this entitles you to one vote in deciding issues facing the Cooperative Corporation, as well as to live here and participate in the Board Meetings.
The monthly carrying charge is combined with other members and used to operate the corporation. Each member is responsible for their proportionate share of Real Estate Taxes, which is deductible on your income taxes each year when filing the long form.
Boston Towne Houses Cooperative is a self-governing body; members set the rules, guidelines and limitations. Members are expected to read and follow the rules set forth.
Note that to qualify for membership, you must meet the income and credit standards established by the Board of Directors. Please read the documents that are included with the application to find out what is required. Upon approval for membership, you may then purchase a share from a current member. All transactions are completed through the co-op office. As a member of the corporation, you and your family have the right to occupy a specific dwelling. You will receive both a Membership Certificate and an Occupancy Agreement. The corporation is governed by a set of By-laws and Rules & Regulations.
This is basically what a housing Cooperative is. If you feel that it fits your housing needs, please refer to the Application Instructions and Prospective Member Info, then fill out the Membership Application and submit it to the office.
For families like your own, the search for a truly satisfying home leads directly to the charming townhouses in Boston Towne Houses Cooperative. Here is the privacy you want, the convenience you have been seeking and the neighborliness you hoped to find. These requirements are not only met, but they are also combined with the many advantages of cooperative ownership.
While the maintenance of the buildings’ exterior, hot water heaters, plumbing and wiring are the Co-op’s responsibility, our members are free to individually redecorate their units to complement their personal tastes and lifestyles. An “Alteration/Modification” form must be completed prior to altering a unit, all improvements must meet local, state and federal building codes.
The Co-op also maintains the public areas such as lawn area, trees and shrubs, the parking lots, etc., but each resident is encouraged to landscape their area and to keep a beautiful, well cared for lawn.
Boston Towne Houses is a beautiful community which consists of 132 units as outlined below.
| Unit Style | Unit Code | # Of Units | Monthly Carrying Charge |
|---|---|---|---|
|
One Bedroom |
A |
12 |
$409 |
|
Three Bedroom w/Large LR |
B |
34 |
$469 |
|
Two Bedroom |
C |
48 |
$457 |
|
Four Bedroom |
D |
7 |
$487 |
|
Three Bedroom w/Large Kitchen |
E |
15 |
$469 |
|
Two Bedroom, No Basement |
F |
12 |
$442 |
|
Three Bedroom, No Basement |
G |
4 |
$454 |
