About Oakdale Residents Cooperative
Oakdale Residents Cooperatives offer you a home that is individual and self-contained, attractively decorated…and a setting that combines privacy and beauty in the public and private lands. Here’s how to live like never before! Enjoy every benefit of owning your own home without time-consuming home maintenance! Oakdale Residents Cooperative brings you this leisure-filled way of life in your choice different home designs. Your new home gives you a personal patio area and a paved parking area. Your landscaping is complete. Conveniently nearby are special play areas for your children. All the cares of home upkeep are taken away! No worries about lawn mowing, snow removal, exterior painting, plumbing or electrical work. It’s all done for you
How your money is spent. Each dollar in your monthly payment is carefully allocated to provide the finest housing at the lowest possible cost -all on a non-profit basis. Your monthly payment covers all expenses and reserve funds and utilities (except electricity). A substantial portion is tax deductible
The people who live in the co-op are its members. From the beginning, they decide on the planning, design, and day-to-day management of the co-op.Membership means control. Each year members elect from among themselves a Board of Directors to run the co-op. They serve on committees with various responsibilities such as new member selection, maintenance, finance and newsletters. The final decisions and responsibility rest with the members.
Oakdale Residents Cooperative have everything a person could want in a home including a lifestyle appreciated by the savvy resident-owners. As communities of members helping one another and sharing with one another, neighborly get togethers become everyday occurrences
A housing cooperative is a corporation owned and governed by the people who live there. When you move in to a cooperative, you become a member of a community and a shareholder in a corporation. Each member of Oakdale Residential Cooperative has an equal vote in the cooperative corporation, which holds title to the property. A Board of Directors is elected by the members of the cooperative. The Board establishes standards to keep the community a pleasant place to live, and sets down those standards in the Rules & Policy documents.
Membership is similar to renting in terms of convenience. You make one payment a month without worrying about insurance, taxes, mortgage payments or maintenance.
It’s like owning a house in many ways. You can deduct from your federal income tax return that portion of your monthly charges that go toward real estate taxes and mortgage interest. What you are able to deduct will depend on your tax situation.
It differs from owning your house in that you are not personally liable for the mortgage and that you do not take care of the maintenance. The Board of Directors sets maintenance standards and retains a professional management firm to supervise the staff. Except for interior redecorating, your home is maintained for you. Complete exterior care includes structural repairs, lawn and shrubbery care, snow and trash removal, and outside painting. Major interior repairs include routine handyman work, maintenance or replacement of plumbing and electrical systems, appliances and any damage not caused by your negligence.
Monthly carrying charges do not exceed the actual cost of owning and maintaining the property. There is nothing added for profit.
Who are we
a community within a community,
a means to quality housing
at an affordable price.
-Established in 1964
-Not for Profit Corporation
-239 Total Units
-1, 2, 3 & 4 bedrooms
Ferndale, MI 48220
Elimination of Outside Landlord