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Common Questions <br />Q. How does a cooperative work? <br />A. A housing cooperative is formed when <br />people join with each other on a democratic <br />basis to govern the operation of the <br />cooperative in which they live, all based on <br />legal documents giving each member an <br />equal ownership in the Cooperative. <br />Q. What is the cost of ownership in this senior coop? <br />A. The cost includes a share payment ranging in price from $54,770 to $88,749 and <br />monthly carrying charges that range from $967 to $1,432. Share payments are a one time <br />cost. Carrying charges are paid monthly and include such things as mortgage principal <br />and interest, MIP, real estate taxes, one underground heated parking space, gas, sewer, <br />water, trash removal and on -site staff. <br />Q. Can I deduct money on my taxes? <br />A. Yes. Each member can deduct real estate taxes, along <br />with interest paid on the cooperative's mortgage. <br />Summerhill Cooperative homeowners receive the same tax <br />benefits as homeowners. <br />Q. What will my share be worth when I choose to sell? <br />A. Your share increases in value at a predetermined <br />amount each year. The share's original price, plus annual <br />increases, will be returned to you or your estate upon sale <br />to a new member. <br />Q. Why Summerhill over any other housing option? <br />A. Individuals involved in the Summerhill Cooperative team strive to, and deliver, the <br />highest quality. We pride ourselves on exceeding the customer's expectations. <br />CUM_ mOJS,.G <br />©2004 Nichols Development, LLC <br />