Housing cooperatives (co-ops ) are residential corporations collectively owned and controlled by the resident owners or “shareholders.” Like condominiums, co-ops provide an ownership right to each buyer. Co-op ownership comes from the purchase of shares in the corporation, which represent a pro-rata portion of the entire residential community. A Board of Directors sets co-op policy and is elected by shareholders.

Benefits of co-op ownership at 1300 include:

• Interior and exterior maintenance services
• Lower real estate tax assessments than home ownership
• Personal income tax deductions
• Lower utility costs
• Resident participation and governance
• Stable community and neighbors