Mayflower would love to invite you to check out all we have to offer here on our website, however, if you get a chance come visit us in person we’d be happy to give you a tour. Unlike your typical apartment complex, Mayflower offers co-ownership of this property, which means you earn equity on your townhouse the longer you live in it. Cooperative housing gives you the opportunity to share in ownin
g your dwelling. You, as an individual, do not own the unit you are occupying; instead, you and the other members own the entire assets (property) of the cooperative. Joining the cooperative will allow you to build a limited equity, that is, to establish some value in the property. Lower down payment, much lower closing costs, economies of scale, longer mortgage term all make co-ops more affordable than other ownership housing. Members have no reason to substantially increase monthly charges, unless taxes or operating costs go up, so monthly charges remain reasonable. For income tax purposes, the co-op member is usually considered a homeowner and, as such, can deduct his or her proportioned share of the real estate taxes and mortgage interest paid by the cooperative. Members have no personal liability on the co-op mortgage. The cooperative association is responsible for paying off any mortgage loans. This can often make it possible for persons whose income might not qualify them for an individual mortgage to buy a membership in a limited equity co-op. Through their cooperative association, members can jointly exert influence in order to change tax rates and utility prices and obtain improved services from local governments. The co-op, as consumer advocate, can also join with other organizations. Co-op members can benefit from economy of scale in co-op operating costs as well as from not-for-profit operation. Also, when there are "transfers", only the outgoing member's equity must be financed by the incoming member. Transfers of shares are subject to fewer settlement costs. Mayflower is comprised of 17 buildings and 102 units. There are 24 Manor apartments, 50 Two Bedroom Townhouses with basements and 28 Three Bedroom Townhouses with basements.
