Old Town in Town Housing Cooperative consists of five historic red brownstone buildings in the Elliot Park neighborhood of downtown Minneapolis. What exactly is our co-op all about? Living in a cooperative is similar to renting an apartment, but has some definite advantages. At Old Town In Town your initial payment or buy-in fee purchases a share of the cooperative. Unlike a condominium, members do not have to obtain their own mortgage or pay closing costs. Carrying charges paid monthly are much like rent but typically less expensive because that money isn't going to a landlord. A cooperative operates as a non-profit and incoming money goes towards the building mortgage, utilities, improvements and other expenses budgeted by members of the cooperative. As a cooperative member you have the opportunity become involved and make a difference about where you live by making decisions about the budget, building improvements and policies. Being a member requires cooperation and a good cooperative thrives on willingness of members to participate in governing and managing for the benefit of each of it's members. Cooperative members may deduct mortgage interest and property taxes from income taxes like other homeowners and members can initiate property upgrades that would not be possible in private rental housing. Each unit at Old Town In Town is unique because of the improvements made by previous members. Our five Elliot Park brownstones were built in 1892 to accommodate Minneapolis' rapidly growing population of the late 1800s and came to be known as Linne Flats (pronounced lyn-NAY), after developer Frank J. Linne. As a part of the Ninth Street Historic District, Old Town In Town Cooperative is a locally certified historic district and among the oldest apartment buildings in Minneapolis. Fully renovated in 1999 the cooperative offers affordable downtown living with rich architectural heritage. First Month's Rent & Deposit $35 Application Fee per adult, 1 Time Membership Fee (Buys Share into Co-op Ownership, Yearly Tax Breaks) Monthly Income must be at least 3x your rent ** Utilities: You pay for electric and internet that's it. As a Member-Owner in the cooperative you are also required to do a weekly chore to keep costs down, which benefits everyone that lives here!
This property is off market, which means it's not currently listed for sale or rent on Zillow. This may be different from what's available on other websites or public sources.
