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A Look at Housing Co-Ops

Independent Management of Properties and Communities (IMPAC) has become the preeminent property management service provider in New Jersey over the past 30 years. Based in Manchester and serving property owners across the state, IMPAC’s knowledgeable team of professionals offers expertise in managing many types of properties, including housing cooperatives.

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A Look at Housing Co-Ops

  1. 1. A LOOK AT HOUSING COOPS
  2. 2.  Independent Management of Properties and Communities (IMPAC) has become the preeminent property management service provider in New Jersey over the past 30 years. Based in Manchester and serving property owners across the state, IMPAC’s knowledgeable team of professionals offers expertise in managing many types of properties, including housing cooperatives.
  3. 3.  A housing cooperative, or co-op, is typically a nonprofit organization established by the residents of a community who want to pool their resources to cover the costs and operating expenses of the facilities where they live. Common in U.S. cities since the late 19th century, housing co-ops are democratic groups with elected volunteer leaders who typically collaborate with a third-party property management company to take care of the operational tasks, such as insurance, maintenance, mortgage payments, property taxes, utilities, and contributions to reserve funds.
  4. 4.  While housing co-ops in the modern era can be in any locale and include any type of housing, including high-rise apartments, a block of townhouses, mobile home parks, and more, many urban co-ops that own apartment buildings require new members to purchase “shares” in the co-op, much like a corporation. Members then sell those shares, which may be worth more or less than the principal, when leaving the co-op.

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Independent Management of Properties and Communities (IMPAC) has become the preeminent property management service provider in New Jersey over the past 30 years. Based in Manchester and serving property owners across the state, IMPAC’s knowledgeable team of professionals offers expertise in managing many types of properties, including housing cooperatives.

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