AGE MINIMUM
Fifty-five plus. In the case of a married couple, one spouse must be 55 years of age or older.

BOARD OF DIRECTORS
Elected from the members. The Board oversees the management of Greenhouse Village Cooperative (GVC).

DEMOCRATIC CONTROL
This is the cornerstone of cooperative living. Member-owners participate in the decision-making process.

LEASEHOLD COOPERATIVE
GVC is a leasehold cooperative. Leasehold is a type of financing for cooperative housing.

MONTHLY FEE
The monthly fee is determined by the members. It is based on the direct costs to operate and maintain GVC and is divided proportionately based on the size of the home.

OWNER EQUITY
Cooperatives provide for accumulation of individual equity. GVC is a limited equity cooperative. Owners can earn up to two percent appreciation per year in Transfer Value.

OWNERSHIP
The GVC is a non-profit corporation. Each member purchases a share from the Cooperative Association and becomes a share owner.

PET PROVISIONS
Some unit owners may be allowed a dog or cat under limited conditions as prescribed in the Declaration and By-laws of GVC. Prospective buyers who own pets should consult with the Housing Manager about pet provisions.

SHARE
A one-time down payment that purchases a share in GVC. The cost of the share is based on the size of the home.

SMOKE-FREE ENVIRONMENT
Smoking is not allowed anywhere on GVC property.

TAX BENEFITS
Similar to your present home. Real Estate Taxes are deductible from individual tax returns.

A substantial portion of the building leasehold payment is deductible as interest on individual tax returns.

A home at GVC can be homesteaded.

TRANSFER VALUE
The consideration paid for the Membership by the previous purchaser, plus a maximum of not more than two percent per year increase: or, in the case of an initial purchaser, the amount of the purchase price plus a maximum of two percent per year increase from the date of their subscription agreement.