Frequently Asked Questions
1. What is Chester Park Cooperative?
Chester Park Cooperative, located in Anchorage, Alaska is an innovative non-profit member-owned adult community made up of people 55 years of age and older. It is a unique blend of community living and an independent lifestyle. The members of Chester Park Cooperative enjoy a maintenance-free home that is secure, worry-free, and convenient. Residents enjoy a real sense of community and camaraderie. Chester Park Cooperative homes are designed for seniors who desire an active retirement, including all the benefits of homeownership without the burdens typically accompanying a single-family home.
2. Who runs Chester Park Cooperative?
Chester Park Cooperative is a member-owned Cooperative run by an all-resident nine-member board elected by the membership. There are also other resident committees that are vital to the operation of Chester Park Cooperative, including the finance committee, members’ forum, garden & landscape committee, hospitality, special events, acquisition, library, and the emergency preparedness committee.
3. Are pets allowed at Chester Park Cooperative?
Yes. Pets are limited to 2 per unit, some restrictions and regulations apply.
4. Can I have overnight visitors at Chester Park Cooperative?
Of course! Overnight guests are welcome. We have roll-away beds for our members to borrow, and we also have a guest room available for rent.
5. What about safety at Chester Park Cooperative?
Chester Park Cooperative staff members are trained in CPR and we have an AED on site. There are sprinkler systems throughout the building from top to bottom. In bedrooms and bathrooms, there are emergency pull stations that will contact staff 24 hours a day in an emergency. Our management is on-site 24 hours if you have a maintenance problem or emergency.
6. What does the common fee cover at Chester Park Cooperative?
Chester Park Cooperative common fees are determined by the membership at our annual budget meetings. Chester Park Cooperative takes care of the heat, water, sewer, trash, cable television, all the maintenance inside and outside of your home, hazard insurance, snow removal, landscaping, and maintaining the common areas of the building. There is free WIFI in the main lounge and library.
7. What utilities are not covered by the common fee at Chester Park Cooperative?
Chester Park Cooperative Members pay for their own electricity (average of $40 per month), in-home internet and telephone; specialty cable channels (HBO, Showtime, etc.) are not covered by the common fee. Although not required, we strongly recommend that our residents purchase personal property insurance through their personal insurance agent. Personal property insurance is inexpensive and will cover the expense of replacing furniture, valuables, and other assets in case of loss or damage.
8. Who determines the common fee at Chester Park Cooperative?
The members at Chester Park Cooperative, along with the board determine the fee. Fees cannot be raised without the majority consent of the membership.
9. What do you mean by maintenance-free living at Chester Park Cooperative?
Chester Park Cooperative maintenance staff will take care of any problem in your unit, including appliance repair, changing light bulbs, hanging pictures and curtain rods, plumbing problems, and moving heavy items. We repaint units every 5 years at no charge and re-carpet every 10 years. Chester Park Cooperative has beautiful grounds in the summer and well-maintained parking lots and walkways in the winter.
10. What about financing at Chester Park Cooperative?
Chester Park Cooperative is a non-profit cooperative. The entire building was recently refinanced under a blanket mortgage at a 4.375% fixed interest rate. All members of Chester Park Cooperative are shareholders. Individual share loans are also available. Read more about Chester Park Cooperative financing details.
11. I think I’d like to live at Chester Park Cooperative, how do I proceed?
Chester Park Cooperative Management works solely as neutral mediators between our members and prospective members who wish to purchase a unit. We will furnish a prospective member copies of our legal documents, bylaws, declaration, membership requirements, etc. Upon completion of our application paperwork, all future residents must be approved by our Board of Directors. Chester Park Cooperative considers all persons over the age of 55 without regard to race, creed, color, familial status, religion, gender, disability, or national origin.
12. How do I sell my unit in the future if I decide to move from Chester Park Cooperative?
You are free to sell your unit at any time. You can choose to use a Realtor® or Chester Park Cooperative management will sell your unit for a reasonable fee. Fair market value will determine how much equity you will re-coup on your unit.