What is covered by my monthly fee?
Monthly charges are based on costs required to operate the cooperative and to provide basic services to the members. The revenue is applied to amortize the mortgage, pay taxes, building insurance and fund reserve accounts.
The monthly fee covers a member's proportionate cost of:
- Mortgage principal and interest
- Real estate taxes (homestead)
- General operating costs and replacement reserve funds
- Insurance, including fire and liability
- Natural gas, water, sewer and trash collection
- Grounds maintenance,
including lawn care and snow removal
- Coin-free laundries
- On-site staff, including bookkeeping,
administration, housekeeping and maintenance