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Mayflower Townhouses is a non-profit limited equity cooperative with income guidelines. Cooperatives are properties owned by the members who reside in the cooperative. Each household of Mayflower owns a 1% share of stock in the corporation but they do not own their respective apartments or townhomes. It is a landlord – tenant relationship that is governed by the Occupancy Agreement (lease).
The members (shareholders) elect a Board of Directors who governs the corporation.
Mayflower is comprised of 17 buildings and 102 units. There are 24 Manor apartments, 50 Two Bedroom Townhouses with basements and 28 Three Bedroom Townhouses with basements.
The property has had several major renovations in the last year(2005-6). All 17 buildings have had roofs, windows and furnaces replaced. All 102 units now have central air conditioning. All Townhouses have new kitchen cupboards, counters, sinks and floors. Full baths  have new cupboards, sinks and counters.
What is a Cooperative
A cooperative is a group of people working together in a joint economic activity that is owned and operated by its members for their mutual benefit.
In a housing cooperative (or co-op), a housing development is jointly operated by its members. They own membership certificates in the corporation, giving them the right to occupy a dwelling unit and participate in the operations of the corporation. The cooperative housing corporation owns the total property. A not-for-profit corporation.
A cooperative is a business controlled by the people who use it. It is a democratic organization whose earnings and assets belong to its members. By patronizing and becoming an active member of a co-op, you invest yourself with the power to shape that business. You control the politics and economics of what is truly your organization.
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