Who owns Gramercy Park Inver Grove Heights?
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Gramercy Park Inver Grove Heights, a cooperative corporation, is owned collectively by
its members in residence.
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The Cooperative Corporation owns and operates a housing cooperative. The Member
purchases one voting share of “stock” becoming the owner and holder of a Certificate of Membership in the Cooperative.
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There are tax benefits for members who have taxable income and file a federal income tax return. Members may deduct their share of the cooperative’s mortgage interest and real estate taxes on their personal income tax return. Members have the same ability to exclude gain on sale of their cooperative interest from taxation as any homeowner. In most instances, the cooperative and its members receive the same benefit as single-family homeowners.
How much are monthly fees?
Please reference pricing information under Homes tab.
How much does it cost to buy at
Gramercy Park IGH?
A membership is largely based on the
size of the unit and its value, which historically increases over time. Gramercy IGH is a limited equity cooperative to
make them affordable to future buyers.
Each dwelling unit accumulates
pre-determined equity value.
How are the funds from the
Member Shares used?
[Membership] share monies do not earn interest, however, they accrue equity. Today, the purchase of one share is the money that will make up the payment that goes to the seller of the share.
What do monthly fees cover?
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Gramercy IGH monthly fees cover: real estate taxes, your portion of the master mortgage, lender-required operational and replacement reserves, professional management, water, sewer, trash removal, grounds upkeep, snow removal, recycling, building maintenance, security, building-wide Internet access and expanded “digital starter package” HD cable TV. Members are responsible for their telephone service (cell phones are also allowed to operate the secure entrance) and individually-metered electricity and gas utilities.
Does the cost of my membership investment earn equity?
Yes. The equity is based on a percentage of the original construction cost, which is then added annually to the membership cost. At Gramercy IGH, we are very sensitive to seniors’ needs and make equity decisions carefully in order to preserve our affordable lifestyle.
Do you have a waiting list?
Yes, Gramercy IGH maintains a
Waiting List. To join the Waiting List you must complete an application
(see Contact Us page) and submit it along with a fully-refundable, $500 deposit. You do not need to be of a certain age to “apply” to be on the Waiting List, only to occupy. Please call for more information.
Are there special requirements for membership at Gramercy IGH?
Any person, at the time of occupancy, must be of a certain age, except in the case of joint ownership then one must be of a certain age. The owner(s) must meet HUD-required, minimum qualifying income criteria. Please call for more information on age requirements.
Do I have to be on a committee if I don’t want to?
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Cooperative living is distinct from other housing types. Members come together to act
collectively to achieve goals; one of which is to reduce costs of everyday management, maintenance and repair. Although it is not “mandatory” it is strongly encouraged. With many committees, there is sure to be one that suits your unique expertise and on which you would enjoy volunteering. It is also fun and rewarding.
Members in a Cooperative “cooperate” and participate. Commitment to community and involvement are major differences between cooperatives and other housing types.
Participation by individual members toward group goals is what builds cooperative communities. The Cooperative is dependent upon member involvement for the Board, committees, etc. Members run the Co-op with our management company, Ebenezer Management Services, and organize all activities, writing of policies, rules and regulations.
What types of committees currently exist at Gramercy IGH?
Committees include Building & Grounds, Finance, Marketing, Technology Library, Social Committee, Pancake Breakfast and Bake Sale (annual fundraisers), and others.
Are pets allowed?
When Gramercy Park IGH first opened for occupancy, pets were allowed. Effective July 1, 2003, the policy was changed and pets are no longer allowed. This policy also applies to visiting pets. Requests for service and companion animals (Reasonable Accommodation) are handled in accordance with Federal law.
Do I control the heating/cooling in my own home?
Yes. Each unit has a combination furnace/air conditioning unit that is maintained by the Cooperative at no charge to the member-owner.
What are the laundry facilities like
at Gramercy IGH?
Each unit has a laundry area with hookups for washer and dryer. A member may bring their own washer/dryer for their private use. Washers/dryers are maintained by the member-owner. In addition, there are two “free” laundries on each floor. Each laundry contains one washing machine, one dryer, shelving for one’s supplies, a folding counter and a laundry tub.
Q & A
At Gramercy Park Inver Grove Heights, our goal since 1997 is to preserve members’ financial resources and enhance their lives.
While the members own Gramercy, who manages the day-to-day operation?
Gramercy is professionally managed.
A management company provides management guidance and assistance as well as legislative updates. Members take an active role in governance by serving on, and electing, Gramercy Park’s Board of Directors. The board provides direction to a management staff.
How often do the monthly
fees change?
The monthly fees may be adjusted yearly based on operational costs required by the building, i.e. taxes, insurance and upkeep. Fees are divided evenly by square feet no matter what floor you live on or which direction you face, so that all members are paying an equal share in accordance with their unit size.
What happens when I want to sell my membership in the Cooperative?
The Housing Manager prepares the proper documents and handles the transaction. It is possible, but rare, for a realtor to be involved. For additional information please contact the Housing Manager.
