2 Bedroom, 2 Bathroom 1179 SF Unit "I" (apartment) Share Value: $65,732 Monthly Carrying Charge: $1689 * The Housing Cooperative Manager helps to facilitate the closing transaction. Should there be a realtor involved, the buyer would pay any applicable relator costs. The Monthly Carrying Charge INCLUDES each Shareholder's proportionate costs of: Mortgage principal, interest, and insurance premium (tax deduction available on Form-M1) Real estate taxes (homestead portion) (tax deduction available) Operating & Replacement Reserves - covers overall building repair/maintenance and normal wear and tear on appliances Insurance - for building and common area - includes fire and liability Indoor heated parking space Utilities - CenterPoint Energy Gas for unit furnaces/ building water heater (natural) Utilities - City of Cambridge Water (indoor and outdoor) & Sewer for units/common areas Utilities - East Central Energy Electricity for common areas Trash & Recycling - Waste Management Services Telephone - Verizon Home Phone system with secure entry system DIRECTV - Ultimate Package includes: 1 HD-DVR and 1 HD regular box per unit WI-FI Internet Services - Midco for individual units and common areas Professional Lawn Care, Grounds Maintenance, Snow Removal, and Salting of Parking Lot Common areas - Great Room, Library, Craft Room, Wellness Room, Woodshop and Car Wash Community Room - Cooperative Events and Reservations for family and friend events Ebenezer Management Services (EMS) - on-site Property Manager and Maintenance Technician EMS - Regional Manager, Accounting, Bookkeeping, & Replacement Reserve Study Professional Window Cleaning - common area windows/screens Services at your own expense: Electricity in Unit Personal Homeowners Insurance (HO6 Policy) Housing cooperatives are a form of multi-family homeownership. A Cooperative combines the advantages of home ownership with the conveniences of community living. Members (age 55+) buy into the senior housing Cooperative when they purchase a share (membership) based on the size of the unit that they will occupy. Members pay a fixed monthly fee to cover basic expenses, including mortgage, property taxes, insurance, and the operational costs of the building, such as upkeep, lawn care, snow removal, etc. A Cooperative member does not rent an apartment or own a condo. Rather, the owners within a Cooperative each hold a share of stock in a non-profit business, which owns the real estate (building & land). The Cooperative is collectively owned and controlled by its members in residence to support their own best interests. The advantages of a Cooperative include ownership, control, homeowner tax advantages, equity growth potential, and member responsibility. Our cooperative works best for the independent senior lifestyle. It is vital that members can live independently within the cooperative. As a volunteer organization, the Cooperative relies heavily upon running the business with volunteer leadership. Thus, it is expected that all members will serve and participate in at least one committee. (Board, Finance, Marketing, Building & Grounds, Safety & Security, Party Planners, Activities, Woodshop) East Terrace Cooperative is a smoke-free residence. Additionally, the Cooperative has a no-pet policy. Electricity in Unit Personal Homeowners Insurance (HO6 Policy)
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