Valley Greene Apartments, Inc., built in 1963, is an 88-unit housing cooperative building owned by its shareholders. Surrounded by Alder Park to the south and Fairmount park to the west, the 5-story low-rise building is 15 minutes from Center City Philadelphia by car and minutes from quick access routes to the turnpike and all sections of the city. Amenities: A well maintained, safe, and peaceful community. More than adequate parking, onsite laundry facilities, private storage lockers, onsite maintenance staff, concierge front desk service and overnight security with moderate carry charges (fees). Like real property owners, shareholders enjoy interest deductions for tax purposes, and control through joint ownership makes this alternative living style the best kept secret in the world of housing! In the past 5 years up to a million dollars has invested in upgrades and renovations to the facility. Valley Greene Apartments, Inc., is a housing cooperative offering joint ownership of the building, the land on which it sits and assets associated with it. Also offering open membership to all who will cooperate in good faith; without restrictions as to race, color, familial status, religious creed, ancestry, age, sex, national origin, handicap or disability. A seven-member Board of Directors is elected annually by the shareholders, (joint owners) work as a team to set policy as well as manage the daily operation of the business. The relationship of members to the cooperative and its regulations are spelled out in a set of governing documents including the Bylaws, Membership and Occupancy Agreements with other legal documents that are available for review. As a shareholder you are buying proportionate shares of stock in the cooperative and the right to reside in a particular unit. Your application is presented to the Board of Directors for final approval after a personal interview. If approved you sign necessary documents as part of the settlement process and then assume possession of a unit. Units are financed through a personal loan or cash from savings. You will be expected to vote at shareholder meetings, maintain your apartment, and participate as a cooperator in good faith. In addition, separate from any realtor’s fees, the seller pays a 10% transfer fee to the cooperative at the time of sale. Each shareholder has the right to be an active participant in governing the coop. Shareholders are also expected to serve volunteering on committees that contribute the health of the community. |
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