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What is a housing cooperative?

A "housing cooperative" is an organized group of individuals with a joint share in ownership of a Residential Housing Community. Ownership has its privileges and its responsibilities. Why not just rent? Ownership in a democratically controlled and operated community gives the members advantages that can not be achieved through renting, and gives better benefits. As a member of the cooperative, you own one share of the corporation that owns the property you are about to live in.

Being a shareholder gives you the responsibility to assist in the work of the cooperative to ensure its proper operation. You will need to vote for a Board of Directors to set policies and procedures and enforce the rules as defined in the by-laws of the corporation. As a member you are eligible to be a member of a committee or the Board of Directors.

To qualify for membership an individual or family must meet the standards established by the Board of Directors and implemented by the Membership and Rules committee. In order to become a member a qualified applicant must purchase a membership from an existing member. In order to terminate your ownership responsibilities you must sell your membership to a qualified applicant.

Minimum Income Limits:
1 Bedroom – $1,148
2 Bedroom – $1,925
2 Townhome – $1,995
3 Townhome – $2,170

We also require a non-refundable credit report fee (by money order) at the time of application. Finally, new members pay a membership fee (similar to a security deposit) prior to move-in.

Membership Fees:
1 Bedroom – $1,500
2 Bedroom – $2,500
2 Townhome – $2,500
3 Townhome – $3,500

Because Three Fountains West Cooperative is a not-for-profit corporation, and we are our own "landlord", there is no landlord trying to make a profit from our monthly carrying charges. This allows the housing cooperative to offer affordable housing in a safe and secure environment. So as the owners we make the decisions that will determine the return on our investment. Our carrying charges pay for the ongoing operation of the property. The professional property management company currently (PPS of Indiana) has been contracted to provide the office and maintenance staff to service the needs of our members/owners, and to oversee the daily operations.

So as you can see, the housing cooperative offers a better way of life. It offers the benefits of community living, and the benefits of control and "equity building" through ownership. Consider Three Fountains West Cooperative as you choose your next home.

Three Fountains West does not accept Section 8 vouchers and is not low income housing.